WealthTech on Deck: Recent Episodes
LifeYield
WealthTech on Deck is a show featuring meaningful conversations with financial services leaders. Our host, Jack Sharry, engages financial services executives that are solving specific challenges around fintech ecosystems and household wealth technology.
Finance and wealth management are rapidly evolving fields, and embracing artificial intelligence (AI) isn't just a choice. It's a transformative journey that promises to redefine how professionals conduct business. This technological leap isn't designed to replace human expertise but to elevate it, guiding individuals toward optimal capacities. In this episode, Jack talks with Jud Mackrill, Co-Founder at Milemarker and General Partner at Mammoth. Jud has spent his career making technology and data more useful and accessible to financial advisors, their clients, and the firms they work with. He is well versed in helping companies dramatically increase value with his portfolio of experience as a founder, chief marketing officer, or consultant accompanying business exits or recapitalizations of over $1.9 billion. Passionate about modernizing independent wealth management and helping make private investing more accessible and transparent, Jud talks to Jack about artificial intelligence (AI) in wealth management. He emphasizes the importance of embracing AI and incorporating it into our personal and professional lives. Jud also discusses the role of AI in data analysis and how it can automate processes, allowing financial advisors to focus on delivering personalized advice to their clients.
Key Takeaways
[01:22] - Jud's role at Milemarker and Mammoth and how he helps advisors and clients achieve better financial results.
[03:50] - The influence of AI on the financial advisory industry.
[05:23] - How AI impacts businesses in the future.
[09:01] - Jud's thoughts on how large companies can implement AI.
[13:30] - Why using AI benefits both advisor and client.
[15:48] - How AI can help advisors make more informed decisions for clients.
[18:54] - Jud's three key takeaways.
[21:46] - What Jud loves doing outside of work.
Quotes [04:06] - "AI is the next way to work. We could put it on a platform or pedestal, and it's the next best thing ever. To some degree, it will redefine how work happens." ~ Jud Mackrill [10:03] - "A lot of things are going to get automated. Not to replace jobs but to help people get to that continually highest and best use." ~ Jud Mackrill [19:08] - "You need to make AI a part of your personal life and then a part of your work life. It will enhance your curiosity and understanding and ultimately transform your client and advisor experience." ~ Jud Mackrill
Links
Jud Mackrill on LinkedIn
Jud Mackrill on Twitter
Carson Partners Technology
Milemarker
Mammoth
Steve Zuschin
Kyle Van Pelt
Morgan Stanley
Ameriprise Financial
William Blair
Convene Capital
AssetMark
Hightower Advisors
Len Reinhart
Jim Seuffert
Fidelity Investments
SignatureFD
Tim Maurer
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LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In retirement planning, annuity often raises mixed feelings among individuals. Some may shy away from it, while others might be skeptical due to misconceptions. But, it could be the missing puzzle piece to secure one's golden years. It bears striking similarities to cherished pillars of financial security such as social security and pensions, capturing the essence of a reliable and steady income stream during retirement. In this episode, Jack talks with Thomas Buckingham, Chief Growth Officer at Nassau Financial Group. Tom joined the company as an actuarial assistant in 1999 and served in increasingly senior corporate, product development, and operational positions. In his current role, Tom is responsible for developing and executing Nassau's sales strategy for its insurance business, including all product development, distribution channels, marketing, branding, and leveraging digital tools to enable quick, easy, and simple sales. With 25 years of innovative development, operations, and financial management responsibility, Tom discusses with Jack how Nassau Financial Group serves the middle market and mass affluent pre-retirees and retirees. He shares how the company incorporated technology into its solutions and what drives Nassau to partner with LifeYield to help clients with social security benefits.
Key Takeaways
[00:55] - Tom's role at Nassau Financial Group and how the firm serves the market.
[02:55] - A look at Tom's career journey in wealth management.
[07:13] - The benefits of annuities for retirees.
[11:17] - Nassau's business growth strategy.
[15:20] - What drives Nassau to partner with LifeYield?
[20:17] - Tom's three key takeaways.
[24:24] - The things Tom enjoys outside of work.
Quotes [07:54] - "Annuity is not a four-letter word. If you look at it from a customer's perspective, they love social security and pensions. Annuity products can provide the same benefit." ~ Tom Buckingham [16:49] - "For most individuals, the longer they can wait to delay social security, the more retirement security they can have. The additional benefits they will get provide much more of a safety net." ~ Tom Buckingham [20:27] - "Annuities can and should play a key role in retirement for most individuals. And that's probably something they can't do on their own. So they should talk to a professional who can sell annuities and potentially other services." ~ Tom Buckingham
Links
Tom Buckingham on LinkedIn
Nassau Financial Group
Allianz Life
Jasmine Jirele
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About Nassau Financial Group Based in Hartford, Connecticut, Nassau Financial Group is a growth focused and digitally enabled financial services company with three distinct and closely connected businesses: insurance, reinsurance, and asset management. Nassau was founded in 2015 and has $22.1 billion in assets under management, approximately $1.4 billion in total adjusted capital, and about 378,000 policies and contracts. Nassau fixed annuity products are issued by Nassau Life and Annuity Company (Hartford, CT) or Nassau Life Insurance Company (East Greenbush, NY), subsidiaries of Nassau Financial Group. For more information, visit nfg.com. BPD41472
Marketing in financial services has transitioned to being a strategic imperative. Financial firms are now recognizing the power of marketing to drive organic growth, capture new markets, and capitalize on untapped opportunities. As the industry explores the potential of marketing, they unearth the chances for exponential growth and enhanced brand recognition. The journey may have started later for financial services, but they are undeniably on their way to realizing the transformative potential of effective marketing. In this episode, Jack talks with John Wernz, Executive in Residence at Great Hill Partners. John has spent over 20 years as a leader in financial services marketing with a specific focus on driving accountable organic growth. His work with firms like Fisher Investments and Wealth Enhancement Group has contributed to the fastest-growing and most successful players in the financial services sector. John is an investor and advisor to many Fintech firms, including LifeYield. Having led marketing for fast-growing financial firms for the last 20+ years, John experienced the power of showing a client tangible and holistic solutions. A leader in brand storytelling and helping colleagues position themselves for success, John talks with Jack about marketing in financial services. He dives deeper into the importance of organic growth, how he creates effective marketing strategies, and his secret to staying on top of his marketing game.
Key Takeaways
[01:26] - How John started his marketing career.
[04:45] - How Datalign Advisory serves clients.
[06:44] - What makes Wealth Enhancement Group (WEG) a unique firm?
[09:16] - Why John's conversations are always centered around growth.
[11:55] - How John creates effective marketing strategies for wealth management firms.
[16:40] - John's secret to staying sharp in marketing.
[18:52] - How has marketing evolved in the RIA space?
[20:30] - John's three key takeaways.
[22:55] - John's favorite thing to do outside of work.
Quotes [10:43] - "If you want to be a marketer and you want a seat at the head table, you have to be ROI driven. Otherwise, it's table stakes. And when you think of the RIA market, that is, programmatic, repeatable, systematic growth programs." ~ John Wernz [12:39] - "One of the basic things for any well-differentiated product is your value proposition. Can you do something others can't do? Can you move the needle in a way that no one else is moving it?" ~ John Wernz [20:58] - "Marketing is in its infancy in all financial services. So, it is a great time for all firms to look at their opportunities in this area. Financial services are a little late to the party, but they're getting there." ~ John Wernz
Links
John Wernz on LinkedIn
John Wernz on Twitter
Great Hill Partners
Wealth Enhancement Group
Fisher Investments
Ken Fisher
Datalign Advisory
Tiburon CEO Summits
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Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In pursuing an optimized tech stack, wealth management firms are engaged in a relentless game of integrating and coordinating their operating systems. From sophisticated analytics tools to artificial intelligence-driven platforms, these advancements hold immense potential for both financial advisors and their clients. As the trend gains momentum, firms realize the need for comprehensive and strategic approaches to their technological infrastructure. In this episode, Jack talks with Craig Iskowitz, Founder and CEO of Ezra Group, a strategy consulting firm providing technology and business advice to banks, broker-dealers, asset managers, private equity, and fintech firms. In addition to providing customized solutions to the wealth management industry, Craig publishes WTToday, a blog offering the latest insight on technology for wealth, asset, and investment management professionals. Craig also hosts the WealthTech Today podcast, where he discusses, dissects, and debates the latest news and trends in wealth management technology. A business and technology strategy consultant, Craig talks to Jack about the latest trends in wealth management technology and the challenges that firms face in implementing new technology. He also shares his insights on the shift toward more advanced wealth management platforms and how the game is on for integrating and coordinating wealth advisor operating systems.
Key Takeaways
[01:21] - What makes up the Ezra Group?
[02:25] - Craig's backstory and experience in the wealthtech industry.
[04:14] - The impact of COVID on Ezra Group.
[07:41] - An introduction to Pershing's Wove platform.
[10:14] - Craig's advice for legacy firms with tech debt.
[11:19] - The trend toward more advanced wealth management platforms.
[15:03] - The importance of coordinated capabilities in improving user experience.
[17:25] - What the future holds for the wealthtech industry.
[21:07] - How the game is on for integrating and coordinating wealth advisor operating systems.
[22:12] - Craig's three key takeaways.
[26:23] - Craig's interests outside of work.
Quotes [22:32] - "If you're an enterprise wealth management firm, we always recommend setting up an annual tech stack review. Get the stakeholders from across the company and go top to bottom through your tech stack." ~ Craig Iskowitz [23:40] - "Most wealth management firms barely use 20% of the feature functionality of the software they're using. But they're paying for 100%." ~ Craig Iskowitz [24:39] - "Do not put your private company data into ChatGPT or any other GPTs. If you let your internal company documents, spreadsheets, or even client PII paste into ChatGPT, they own that data and can use it to generate new content for someone else." ~ Craig Iskowitz
Links
Craig Iskowitz on LinkedIn
Craig Iskowitz on Twitter
Ezra Group
Morningstar
Orion Advisor Solutions
Pershing
Riskalyze
Advisor Group
LPL Financial
Cetera Financial Group
Wove | Pershing X
Envestnet | Tamarac
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LifeYield
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In today’s mobile workforce, Americans are chasing new challenges, higher salaries, and better benefits by switching jobs. According to the Employee Benefit Research Institute (EBRI), the typical 401K plan participant will have 9.9 jobs throughout their professional journey, equating to approximately 14.8 million workers with retirement savings finding new jobs each year. While transitioning to a new role sounds appealing on paper, what happens to the 401K plan that employees spent so much time contributing to when they leave their former employer? This week, Jack talks with Neal Ringquist, Chief Revenue Officer for Retirement Clearinghouse, and Spencer Williams, President and CEO, about increasing retirement security and ensuring that your previous 401K plan doesn’t get left behind. Auto portability is the routine, standardized and automated movement of an inactive participant’s retirement account from a former employer’s retirement plan to their active account in a new employer’s plan. Auto portability is a convenient choice for both employees and advisors because it preserves retirement savings automatically. In this episode, Neal and Spencer talk to Jack about how auto portability benefits retirees and advisors alike, four major hurdles of auto portability, and the future of preserving retirement savings.
Key Takeaways
[01:37] - What sparked the creation of Retirement Clearinghouse and how did it turn into Portability Services Network?
[04:29] - What is auto portability?
[07:20] - What are the major hurdles of auto portability?
[11:54] - Why did industry players come together to support auto portability?
[14:22] - When will auto portability become the norm?
[18:10] - Where does Neal see auto portability going over time?
[20:16] - The convergence of workplace and wealth.
[24:20] - Spencer’s key takeaways.
[25:31] - Neal’s key takeaways.
[27:07] - Spencer and Neal’s hobbies outside of work.
Quotes [19:12] - “The network effect, over time, can be huge and can be leverageable to solve many problems beyond the portability issue.” ~ Neal Ringquist [21:29] - “If you think about the benefits down the road from an industry perspective, there shouldn't be an advisor on the planet who is against auto portability. It simply creates better customers for them later, and they don't have to lift a finger.” ~ Spencer Williams [24:26] - “Create an infrastructure that enables the free flow of a worker's savings to follow them to their new employer plan. With the right communication, it’ll just happen automatically. Otherwise, there’s no compounding, there’s no advantage in investing in the U.S. economy.” ~ Spencer Williams
Links
Neal Ringquist - Chief Revenue Officer - Retirement Clearinghouse | LinkedIn
Spencer Williams - President/CEO - Retirement Clearinghouse | LinkedIn
Retirement Clearinghouse
Portability Services Network
Fidelity Investments
Empower
Vanguard
Morgan Stanley
Robert L. Johnson | Biography
NAACP
Employee Benefit Research Institute
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Jack Sharry on LinkedIn
Jack Sharry on Twitter
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The evolution of annuities within the wealth management advisory space exemplifies a commitment to elevating the client experience. Through technological advancements, data analysis, and streamlined processes, annuities have emerged as an essential building block in portfolios. This transformation not only benefits clients but also empowers financial advisors to deliver comprehensive and fiduciary-guided solutions that truly align with their client's best interests. In this episode, Jack talks with Rich Romano, Chief Executive Officer and Co-Founder of FIDx. In his role, Rich is responsible for the company's strategy, vision, and growth. With 30 years of financial services consulting experience and expertise in the brokerage and insurance industries, Rich has built and managed IT consultancies and provided enterprise consulting services and subject matter expertise to the industry leaders in insurance, retirement, and asset management. Passionate about helping advisors deliver better outcomes to their clients, Rich talks about the motivation behind the FIDx foundation, how FIDx's partnership with other investment platforms plays out, and how annuities can be made smarter, faster, and better.
Key Takeaways
[01:01] - The motivation behind the FIDx foundation.
[02:56] - FIDx and Envestnet partnership.
[04:20] - The story behind the creation of FIDx.
[06:29] - How FIDx's partnership with other investment platforms plays out.
[08:04] - Why FIDx and SIMON Markets make a great combination.
[11:23] - What the future holds for annuities.
[13:38] - How FIDx develops its service model framework.
[17:44] - Rich's outlook for the wealth management industry over the next few years.
[20:40] - Rich's three key takeaways.
[21:38] - The things Rich enjoys outside of work.
Quotes [01:19] - "End clients should have access to every product and service that will let them achieve their goals, handle generational planning, and take care of all of their needs." ~ Rich Romano [17:32] - "The industry has moved to understand that you couldn't just take a commission-based annuity, strip off the commission and say you have a fee-based annuity. It has to act and feel like a very fiduciary-managed product." ~ Rich Romano [20:45] - "We're making everything smarter, faster, and better. So we are simplifying access and making access consistent to annuities inside the wealth management advisory space, minimizing and eliminating errors, and accelerating processes." ~ Rich Romano
Links
Rich Romano on LinkedIn
FIDx
Envestnet
Bill Crager
MoneyGuidePro
Envestnet | Tamarac
Halo Investing
SIMON Markets
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Financial services have seen connectivity and collaboration emerge as game-changers, transforming the way advisors engage with valuable resources and reshaping their practices. Contrary to popular belief, it became evident that technology itself was not the sole innovation; instead, the art of collaboration stood as the true catalyst for change. This revelation shifted the focus from a mere pursuit of technological prowess to a quest for a seamless and collaborative connection between financial professionals and their clients. In this episode, Jack talks with Denise Wypiszenski, Founder & Co-CEO of 4U, the financial services industry's first real-time digital partnership platform for investment and wealth management firms. In her role, Denise leads business development and partner success for the company. Inspired by transformational technology platforms like Amazon and Netflix, Denise and the 4U team have created a digital engagement and analytics platform -- an industry-wide technology solution to the age-old industry problem of billions spent. Too much noise. Too little engagement. Having an understanding of the challenges and untapped opportunities within the financial services industry, Denise talks with Jack about the power of the 4U platform, why collaboration is the future of financial services, and how 4U guides some of its investment companies.
Key Takeaways
[01:23] - What 4U is all about.
[02:58] - The power of 4U Engage.
[06:40] - What Denise and her team did to build 4U.
[08:54] - What the 4U business model looks like.
[09:49] - The story of how 4U started.
[11:25] - The key to 4U's success.
[14:35] - Why collaboration is the future of wealth management.
[15:26]- Where 4U is at this point in their journey.
[18:11] - How 4U sustains collaboration with clients.
[21:53] - What 4U has in store for the future.
[23:47] - How 4U guides some of its investment companies.
[25:59] - Denise's four key takeaways.
[27:52] - Denise's passions and interests outside of work.
Quotes [05:31] - "We know at 4U that advisors engage with value-add content two times more than product content. That's just one tidbit where never before have wealth management home offices had that purview across all of their advisors about what product and marketing resources are important to them. They do now." ~ Denise Wypiszenski [12:05] - "We continued to talk to people and take their feedback. It's interesting because it sounds like technology isn't our innovation, the collaboration is the innovation." ~ Denise Wypiszenski [24:26] - "We keep showing these investment companies that they keep submitting product content. Yet what advisors are searching for is predominantly practice management, value add type content. So, there's this definite disconnect. It's not about more content. It's about the right content." ~ Denise Wypiszenski
Links
Denise Wypiszenski on LinkedIn
Denise Wypiszenski on Twitter
4U Platform
Silicon Valley Bank
J.D. Power
Edward Jones
Franklin Templeton
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Retirement is no longer considered an endpoint but rather a gateway to a new chapter brimming with purpose. Gone are the days when it was synonymous with endless leisure and idle relaxation. Today's retirees and pre-retirees are embracing a paradigm shift where health, family, purpose, and finances are the cornerstones for a thriving retirement. In this episode, Jack Sharry talks with Lena Haas, General Partner and Head of Wealth Management Advice and Solutions at Edward Jones, and Ken Dychtwald, Founder and CEO of Age Wave. Lena is passionate about helping individuals make smart financial decisions that better their lives. She aims to help millions of clients and their families understand lifelong behaviors for financial success, develop and follow a personal plan, and invest their hard-earned money for the most impact. Ken Dychtwald is a renowned psychologist, gerontologist, researcher, speaker, and best-selling author. He has received the distinguished American Society on Aging Award twice for outstanding national leadership. Lena and Ken talk to Jack about the new research Edward Jones has released, Resilient Choices — Trade-Offs, Adjustments, and Course Corrections to Thrive in Retirement. This study examines the key findings around how Americans overwhelmingly see course corrections as essential to thriving retirement as they move from full-time work and consider what Edward Jones calls the pillars of the new retirement — health, family, purpose, and finances.
Key Takeaways
[02:13] - The role Lena and Ken play at Edward Jones.
[04:06] - What Edward Jones' age wave research, Resilient Choices, reveals.
[05:37] - Health
[06:29] - Family
[08:06] - Purpose
[09:10] - Finances
[10:43] - Ken's thoughts on Edward Jones' research.
[14:55] - How Edward Jones recognizes the need to educate women about investing.
[16:36] - What Edward Jones means by cannonballs, curve balls, and windfalls in the new retirement.
[20:40] - Ken's take on creating a more productive and satisfying client and advisor experience.
[24:00] - How Edward Jones builds the infrastructure to provide holistic advice.
[26:09] - How Edward Jones provides tools and processes that resonate with financial advisors.
[28:44] - What Ken has to say about the people at Edward Jones.
[31:04] - Lena's key takeaways.
[33:27] - Ken's key takeaways.
[35:21] - What Lena loves to do outside of work.
[36:07] - Ken's interests outside of work.
Quotes [04:44] - "Our study shows that when today's retirees and pre-retirees feel that they're getting derailed across any of the four pillars of retirement, they are willing to take action. They have a huge appetite for making trade-offs, making adjustments, and getting educated about the right course corrections." ~ Lena Haas [31:24] - "Retirees and pre-retirees are looking at what it means to be successful in retirement and in life differently. For them, success is not about having lots of time for leisure. It's truly about thriving across all four pillars of health, family, purpose, and finances." ~ Lena Haas [33:36] - "I was troubled that so many people have not learned the basics of personal finance management. And we see people in their forties, fifties, and sixties manifesting an absence of good training." ~ Ken Dychtwald
Links
Lena Haas on LinkedIn
Ken Dychtwald on LinkedIn
Franklin Templeton
Edward Jones
Morgan Stanley
Resilient Choices
Age Wave
The Structure of Scientific Revolutions
Ken Cella
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Pioneers in financial technology have reshaped the industry with their visionary ideas and relentless dedication. Among these legends of wealthtech, Len Reinhart, President of Reinhart Consulting Group, and Jim Seuffert, Former Chairman of the Board of Envestnet Institute on Campus, stand tall. They revolutionized fee-based investment management. Len and Jim embarked on a mission that changed how wealth management was perceived. In this episode, Jack talks with Len and Jim, who were co-founders of Lockwood Advisors. Lockwood was the first investment advisory firm to provide a turnkey investment consulting platform to independent broker-dealers, consultants, investment advisors, and financial planners. Len and Jim were early-stage developers and promoters of this newfangled way of doing business called “managed accounts or managed money”, now called “advisory”. They were among the first folks who came up with the idea of charging an advisory fee rather than a commission. In 2003, Len and Jim joined forces with Pershing to form one of the industry's largest providers of managed account solutions to financial organizations and registered investment advisors for a discussion. As legends of wealthtech, Len and Jim talk about how they developed and promoted fee-based investment management from the ground up. They also share their thoughts on the future of managed money, their advice for future leaders in the industry, and the work they are most proud of.
Key Takeaways
[02:23] - How Len became head of the world's largest money management company.
[04:37] - Jim's story of how he got into wealth management.
[07:51] - The evolution of fee-based business.
[12:25] - The beginning of Jim's wealth management career.
[18:45] - How Len and Jim built a firm from the ground up.
[22:22] - How Len and Jim are part of the evolution of independent advisory services.
[27:01] - The results Len and Jim achieved in the early part of their business.
[30:19] - Len and Jim's experience working with Pershing.
[33:26] - Among the work Len is most proud of.
[36:47] - Len's thoughts on the future of managed money.
[39:20] - Jim's advice for future wealth management leaders.
[42:47] - What Len and Jim do in retirement that they enjoy and are passionate about.
Quotes [08:29] - "No one understood what we did over the years when we found our business. We kept merging and merging or getting bought. But nobody knew what we were doing. No one understood what this fee-based business was." ~ Len Reinhart [21:00] - "We learned how hard it was to recruit brokers, and we didn't have money to give them. So, we changed how and who we were targeting and switched to independent advisors with whom it was so much easier to do business." ~ Len Reinhart 23:44 - "If you're doing the right thing for the client and being as honest and transparent as possible, the next thing you know, you are training hundreds and hundreds of advisors at a time." ~ Jim Seuffert
Links
Len Reinhart on LinkedIn
Jim Seuffert on LinkedIn
Cheryl Nash
Noreen Beaman
Morgan Stanley
Jamie Dimon
Fidelity Investments
Merrill Lynch
Invesco
Oppenheimer & Co.
American Express
BNY Mellon
Pershing
Warrior Surf Foundation
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For high-earning millennials and Gen Z, financial success often comes hand in hand with a perplexing challenge — how to make the most of their income. With their eyes set on the future, they know that making smart choices can make their hard-earned money work for them. By harnessing the power of a tax-efficient investment system, this young and savvy generation can pave the way toward a future with financial security, opportunity, and the freedom to live life on their own terms. In this episode, Jack talks with David Hegarty, Founder & CEO of Playbook, the app for growing money with tax advantages and automation. From his own experiences, David realized that higher-earning millennials and Gen Z earn good money but need to figure out what to do with it. These younger generations also recognize a gap in their financial knowledge and understand that taxes are important to a financial plan. David created Playbook to help this group of individuals automatically put their money in the right places and pay fewer taxes legally. Recognizing that money stuff can feel hard for most young investors, David talks about why Playbook chose to serve higher-earning millennials and Gen Z, the discoveries David made while building the app, and what Playbook solutions look like.
Key Takeaways
[01:03] - What Playbook is all about.
[04:06] - Why Playbook chose to serve higher-earning millennials and Gen Z.
[06:39] - How Playbook has evolved over time.
[09:33] - The discoveries David made while building Playbook.
[12:17] - What Playbook solutions look like.
[17:29] - Why taxes are the biggest expense investors incur.
[21:05] - How David's daughter nailed Playbook's social media campaign.
[23:11] - What's next for Playbook.
[26:34] - The heart of financial services.
[28:40] - David's three key takeaways.
[31:03] - What David enjoys doing outside of work.
Quotes [01:24] - "It's hard to beat the market, but it's easy to beat the tax man. And the best way to build wealth is not to overpay the taxes on your investments." ~ David Hegarty [19:16] - "There are two things certain in life — death and taxes. So it's really important to figure out how to minimize the taxes you pay." ~ David Hegarty [30:23] - "The option to retire early doesn't mean that you will necessarily retire. But when you have the option to retire, that's when you are fully empowered. That's when you have freedom." ~ David Hegarty
Links
David Hegarty on LinkedIn
David Hegarty on Twitter
Playbook
Fidelity Investments
Atomic
Credit Karma
Stash
Chime
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As the demand for private investments continues to rise, bridging the gap between technology and client servicing has become essential. However, the current state of technology in this industry remains fragmented, hindering the realization of a truly streamlined and efficient process. How can advisors break the barrier to unlocking opportunities in private investing? In this episode, Jack talks with Steve Zuschin, Chief Revenue Officer at Mammoth Technology. Steve has experience in sales leadership and business development with a demonstrated history of success in FinTech and financial services. He is skilled in executive leadership, team building, strategy, sales management, project management, and collaboration. A contributor to many big-name firms in wealth management, Steve talks about what led to the creation of Mammoth Technology and how the firm delivers seamless client experience through technology and makes private investments easier for investors.
Key Takeaways
[01:03] - The value Mammoth Technology provides to investors.
[02:07] - What led to the creation of Mammoth Technology?
[06:52] - What sets Mammoth apart from other investment platforms?
[08:49] - A fascinating story about Steve getting into financial services.
[12:09] - An overview of Steve's professional career.
[15:24] - Steve's work at LifeYield that he is proud of.
[17:23] - What it's like to build a unified managed household for big-name firms.
[20:14] - What the future looks like for the financial services industry.
[23:45] - Steve's key takeaways.
[24:22] - What Steve likes to do outside of work.
Quotes [04:18] - "The technology to improve the experience of helping service clients who have made private investments is so fragmented. At Mammoth, we understand the technology they use, the hurdles they face, and the fiduciary model. If we bring all that together and offer a better experience, we can provide tremendous value and clarity to something that's been rather opaque." ~ Steve Zuschin [21:14] - "Twenty years ago, if you wanted to invest in large-cap equity in the United States, 70 or 80% were available on public markets. Today it's less than 10%. So, to have true diversification and to be invested in those markets, you have to go the private route." ~ Steve Zuschin [23:56] - "The advisor-client relationship should be at the center of every financial decision today. At Mammoth Technology, we're designing a tool to sit at the crossroads of advice in private investing. And we believe that every interaction should build trust and create a delightful experience." ~ Steve Zuschin
Links
Steve Zuschin on LinkedIn
Steve Zuschin on Twitter
Mammoth
Mammoth Technology
Jud Mackrill
Kim Mackrill
LifeYield
Hidden Levers
Raj Udeshi
Praveen Ghanta
Riskalyze
Morgan Stanley
J.P. Morgan
Ameriprise Financial
Merrill Lynch
TD Ameritrade
Connect with our hosts
LifeYield
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Conferences are a wonderful way to expand your network, explore industry trends, and enhance your skills. The most natural networking is hard to replicate over Zoom. It is the small talk in between speaker sessions, quick chats while refilling coffee, or conversations happening in the hallways. This week, Jack speaks with Chip Roame, Founder and Managing Partner of Tiburon Strategic Advisors, about the bi-annual Tiburon CEO Summit. This exclusive event allows executive-level clients to discuss a myriad of topics in the wealth and investment management world. In this episode, Chip talks to Jack about the evolution of target markets, offerings, distribution channels, tactics, and industry structure across wealth management and investment businesses.
Key Takeaways
[01:45] - Key themes at the Tiburon CEO Summit.
[02:25] - How target markets are evolving.
[03:05] - How offerings (products and services) are evolving.
[05:15] - How distribution channels are evolving.
[06:35] - How Morgan Stanley rose to prominence as a distribution channel.
[07:50] - How tactics (marketing, lead generation, technology) are evolving.
[11:29] - How technology is evolving (personalization, AI, virtual delivery).
[12:44] - How the industry structure is evolving.
[16:35] - How firms are adapting to the learning curve.
[17:22] - Key takeaways from the conference.
[19:17] - What the Tiburon CEO Summit looks like.
Quotes [08:02] - “The old methods have died. These models are not scalable. The scalable models appear to be paid lead gen, digital marketing of all forms, and the workplace.” ~ Chip Roame [09:18] - “We need to move away from our opinions sometimes and look at the data. Schwab, Fidelity, Morgan Stanley, and Vanguard are getting the flow. What are they doing is the question.” ~ Chip Roame [18:31] - “COVID has lessened the need for local proximity. Now your advisor can be anywhere, and you can work on Zoom, and that’s perfectly fine. That changes the game quite a bit.” ~ Chip Roame
Links
Chip Roame on LinkedIn
Tiburon Strategic Advisors
Tiburon CEO Summits
Fidelity Investments
Charles Schwab
Morgan Stanley
Vanguard
Orion
eVestment
Envestnet
InvestCloud
Robinhood
CI Financial
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LifeYield
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In this episode, Jack talks with Kaitlin Hendrix, Senior Researcher and Vice President at Dimensional Fund Advisors, and Shawn Jaberzadeh, Vice President on the Global Client Group at Dimensional Fund Advisors. In her role, Kaitlin conducts research and analyses to evaluate and enhance Dimensional's investment strategies. She focuses on asset allocation research to develop value-added investment solutions that meet clients' needs, goals, and preferences in a systematic, reliable, and cost-efficient manner. Shawn has been with Dimensional Fund Advisors for 16 years. He has worked closely with RIAs in the Enterprise Group, which partners with the largest U.S.-based national RIA and intermediary clients. He works with firms to address their most significant issues, from developing investment solutions to thinking through strategic business initiatives. Kaitlin and Shawn talk with Jack about how the team at Dimensional Fund Advisors transforms research into practical investment strategies, their unique approach to asset management and distribution, and how technology has made financial services more accessible.
Key Takeaways
[01:07] - Kaitlin and Shawn's roles at Dimensional Fund Advisors.
[04:28] - How investments and distributions have changed over time.
[10:22] - How Dimensional Fund Advisors can serve a growing client base.
[13:20] - The impact of technology on portfolio management, research, and after-tax returns.
[19:01] - What led Kaitlin and Shawn into wealth management.
[22:10] - What the future holds for the wealth management industry.
[23:10] - Kaitlin's perspective on how tax impacts wealth management.
[26:21] - Three key takeaways from Kaitlin and Shawn.
[28:02] - Kaitlin and Shawn's interests outside of work.
Quotes [05:06] - "What we've seen a lot of change recently is having much more demand for investors' specific investments, customization around their portfolios, and especially around their tax management." ~ Kaitlin Hendrix [10:01] - "Financial professionals all have unique businesses. We need to take everything we have at our disposal and tailor a client support mechanism that helps them have the most success." ~ Shawn Jaberzadeh [17:16] - "When you talk about technology, having a platform that can take thousands of data points across thousands of organizations and then tease out information has been something we have invested heavily in. Technology's been a big part of how Dimensional can continue pushing the boundaries of being a better partner to firms than ever before." ~ Shawn Jaberzadeh
Links
Kaitlin Hendrix on LinkedIn
Shawn Jaberzadeh on LinkedIn
Dimensional Fund Advisors
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Over the years, businesses have focused on providing the best products and services. While this is still important, it's no longer enough. Client experience is the new battleground in today's business environment and will only become more important in the years to come. In this episode, Jack talks with Greg Menefee, Senior Vice President of Consulting & Implementation at Orion Advisor Tech. As a leader, Greg has built and led new, diverse teams by strategically establishing and cultivating a positive, productive, and inclusive cultural foundation. In his role, Greg leads a team that supports independent financial advisors in incorporating tech into their business, enhancing the practice management of their business and their client's experience. As a leader of teams that excel at elevating the client experience, Greg talks with Jack about the importance of client experience in financial services and how he helps every client maximize their Orion experience.
Key Takeaways
[01:10] - What it's like to work at TD Ameritrade.
[06:34] - How Orion creates the best client experience.
[10:54] - How Greg and his team use technology to elevate client experiences.
[13:53] - Why client experience is important in financial services.
[17:40] - How Greg got into the fintech industry.
[21:18] - What client experience truly is.
[29:04] - What the future holds for the advisory industry.
[31:55] - Greg's key takeaways.
[35:59] - Greg's favorite things to do outside of work.
Quotes [13:06] - "Client experience is the right competitive strategy for this industry, and more and more advisory firms are catching onto that. Client experience is going to be the big differentiator in the future." ~ Greg Menefee [15:16] - "A world-class client experience starts with a world-class associate experience. An organization has to focus and invest time thinking about what their associate experience will look like to support their clients' experience and feel about their organization. If the advisor doesn't believe the client's experience is important, they will not make the connection." ~ Greg Menefee [22:21] - "Client experience isn't an event. It's not a department, and it's not a person in your organization. It's a strategy. So, you will either compete based on your product, price, or experience. That's it."~ Greg Menefee
Links
Greg Menefee on LinkedIn
Greg Menefee on Twitter
TD Ameritrade
Orion Advisor Technology
Charles Schwab
Janelle Ward
Tim Hockey
George Tamer
Erick Clarke
Randy Lambert
Fidelity Investments
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Since its inception, the Social Security program has been a cornerstone of retirement planning. Though most people think of social security as a retirement program, it is much more than that. There are many ways to maximize Social Security benefits people don't realize. In this episode, Jack talks with Alyson Dorosky, Marketing Manager and Head of Social Security Support at LifeYield. Also joining them is Jeff Quigley, Vice President of Enterprise Sales and Relationships at LifeYield. In her role, Alyson is a key member of the Marketing and Advisor Success Teams at LifeYield. She's been supporting advisors using Social Security Advantage, which makes her an important Social Security author to watch. She writes monthly about Social Security secrets, niche cases, and lessons learned supporting clients in the digital era. Jeff is responsible for working with existing clients to increase advisor adoption and effectiveness and identifying opportunities to expand relationships that bring added value to customers. In addition, Jeff engages with prospective clients to drive new revenue to the firm. Alyson and Jeff talk with Jack about how they help advisors navigate social security, how LifeYield and Franklin Templeton work together to bridge the gap between planning and implementation, and how LifeYield Social Security+ improves retirement income outcomes for advisors and clients.
Key Takeaways
[01:13] - A partnership between LifeYield and Franklin Templeton.
[04:21] - How the Goals Optimization Engine bridges the gap between planning and implementation.
[06:37] - How LifeYield Social Security+ enhances retirement income outcomes for advisors and clients.
[08:49] - An update on the Cost of Living Adjustment (CoLA).
[11:43] - How Alyson helps advisors with Social Security.
[14:43] - What financial services providers think of LifeYield's Social Security tool.
[18:41] - Alyson's approach to helping advisors navigate social security.
[21:39] - A look at where social security is heading.
[23:58] - Alyson and Jeff's key takeaways.
[26:51] - The things Alyson and Jeff enjoy outside of work.
Quotes [02:40]- "It's great to have a plan. And it's great to have that dialogue with clients, but it's difficult to implement that advice in many cases." ~ Jeff Quigley [13:00] - "Many people find a lot of misconceptions and a great deal of confusion around survivor benefits and divorced benefits. Using a tool like LifeYield is always super impactful." ~ Alyson Dorosky [26:27] - "Leverage Social security as a springboard to whatever kind of conversation or path you want with prospects or clients. Whether that's leveraging a high-level conversation about retirement income, using income layers, or whether you're diving into a full financial plan."~ Jeff Quigley
Links
Jeff Quigley on LinkedIn
Alyson Dorosky on LinkedIn
Alyson Dorosky
Goals Optimization Engine (GOE®) | Franklin Templeton
New York Life Insurance
Merrill Lynch
Personal Capital
Allianz
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Many individuals and families face financial challenges that require professional assistance to navigate. These challenges can range from investment planning and portfolio management to retirement planning and tax optimization. With the best financial planning tools and investment strategies, financial advisors can provide investors with the best-in-class financial advice. In today's episode, Jack talks with Jed Finn at the Next Chapter Rockin' Retirement Conference. Jed is the COO and Managing Director for Morgan Stanley Wealth Management. In his role, Jed often has to make tough decisions about budgets and strategies and work with the leadership team to optimize resource allocation in pursuit of the overall strategy. Jed talks with Jack about how Morgan Stanley achieved strong asset growth, how the company integrated and coordinated wealth management and retirement platforms, and Morgan Stanley's comprehensive approach to serving clients.
Key Takeaways
[01:37] - The key role Jed plays at Morgan Stanley.
[03:06] - How Morgan Stanley achieved strong asset growth.
[08:15] - How Morgan Stanley integrated and coordinated wealth management and retirement platforms and strategies.
[18:27] - What Morgan Stanley does regarding tax issues.
[22:02] - Morgan Stanley's comprehensive approach to serving clients.
[27:55] - What the category of one means in wealth management.
Quotes [03:20] - "We always thought that the future of wealth management would be the combination of best-in-class advice and best-in-class technology. We are proud of how our advisors perform on the various rankings and, most importantly, how they serve their clients." ~ Jed Finn [14:01] - "What we've put together is differentiated because we're the only firm that can deliver cradle-to-grave corporate services where we can grow with a company at every step in its life cycle." ~ Jed Finn [24:24] - "People have different preferences for advice consumption with different risk budgets, and we need to be able to deliver all of it, or somebody else is going to. From a service perspective, we make sure we can meet clients where they are across that entire spectrum." ~ Jed Finn
Links
Jed Finn on LinkedIn
Morgan Stanley
Barron's
James Gorman
BlackRock Aladdin
E*trade
Parametric | Eaton Vance
Vestwell
Shareworks
Equity Edge Online
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Digital transformation is inevitable, and financial services companies have to be nimble and adapt to the changing landscape. They need to find ways to capitalize on opportunities to remain relevant. As the world ages and demographics change, client and advisor relationships continuously evolve. In this episode, Jack talks with Kabir Sethi, Managing Director and Chief Product Officer at LPL Financial. In his role, Kabir oversees advisor and end client experience and investment solutions and platforms. He is responsible for investment, banking and lending products, research, core advisor operating platform, end investor experience, third-party and fintech partnerships, and enterprise data and analytics. With a track record of building and growing award-winning businesses and platforms, Kabir talks with Jack about how he got his start in wealth management, his strategies for creating a better wealth management system, and what he sees as the future of wealth management.
Key Takeaways
[01:04] - An overview of Kabir's role at LPL Financial.
[02:53] - What it's like to move from a major wirehouse to a leading independent firm.
[05:57] - How Kabir got his start in wealth management.
[11:48] - Kabir's strategy for creating a better wealth management system.
[16:56] - How Kabir develops a comprehensive and personalized advice platform.
[21:08] - What Kabir sees as the future of wealth management.
[24:42] - The challenge of creating a comprehensive wealth management strategy.
[28:37] - Kabir's three key takeaways.
[30:22] - Interesting things Kabir does outside of work.
Quotes [12:39] - "This idea of making the experience easier will always be fundamental to our industry. There is no end to the opportunities to take the friction out and find new ways to do things. There are always new ways to try and make the experiences more efficient." ~ Kabir Sethi [21:56] - "As this country ages and demographics change, you have generations of investors who have grown up digitally. Wealth management will always be a combination of a human and digital relationship. The nature of that relationship and how that relationship gets executed is going to keep changing." ~ Kabir Sethi [28:45] - "I believe that true success and the people who will succeed will have advisors at the center of their strategy. If you can figure out and keep working at making financial advisors successful, their clients will benefit." ~ Kabir Sethi Links
Kabir Sethi on LinkedIn
LPL Financial
Columbia University
Booz Allen
Merrill Lynch
Bank of America
National Brain Tumor Society
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Most people would agree that financial planning is an important part of life. After all, who doesn't want to be able to retire comfortably and have enough money to live the life they want? However, financial planning needs to be much more than just a plan. It needs a clear understanding of the current financial situation and a roadmap to achieve future goals. How can investors create a financial plan that helps them live an intelligent financial life? In this episode, Jack talks with Rose Palazzo, Group Head of Envestnet Money Guide. Before joining MoneyGuide, Rose was the Head of Financial Planning for Morgan Stanley Wealth Management, responsible for managing the development, implementation, and support of the firm's financial planning offering. Having hands-on experience designing financial planning software, Rose was also an architect of Morgan Stanley's proprietary goals-based wealth management platform, Goals Planning System (GPS). Having extensive experience in the financial industry, Rose speaks with Jack about some of the exciting things she is working on at MoneyGuide, what she sees as the future of financial planning, and how she helps clients achieve their financial goals.
Key Takeaways
[02:34] - How Rose launched Intelligent Withdrawals while setting up for MoneyGuide.
[04:47] - What inspired Rose to join MoneyGuide.
[07:55] - Some of the exciting things Rose is working on at MoneyGuide.
[14:06] - An inside look at Rose's financial services journey.
[15:21] - What Rose sees as the future of financial planning.
[20:52] - How Rose helps clients achieve their financial goals.
[23:41] - Where Envestnet MoneyGuide is heading in the future.
[25:01] - Rose's three most important takeaways.
[26:36] - The things that Rose enjoys doing outside of work.
Quotes [05:35] - "This idea of intelligent financial life is that all components of a client's financial life are connected. And that requires technology to help execute and to enhance clients' lives by providing better advice and helping them to attain what they want." ~ Rose Palazzo [17:14] - "Clients have complex financial lives, which means they use different advisory products. But all the things that come together help them achieve what they want. There's been so much work done to have platforms inform each other to enhance the advice." ~ Rose Palazzo [21:36] - "Planning is getting an understanding of why you were investing in the first place. If we invest for you and provide solutions to you, we should know what the objective is." ~ Rose Palazzo
Links
Rose Palazzo on LinkedIn
Morgan Stanley
Envestnet
MoneyGuidePro
Bill Crager
Envestnet | MoneyGuide's Wealth Studios
Envestnet | Tamarac
Dani Fava
eMoney Advisor
Edmond Walters
Merrill Lynch
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Many investors are looking for more integrated solutions to help them manage their portfolios more efficiently. The goal is to minimize the overall tax burden while maximizing after-tax returns. With tax playing a significant role in investment portfolio performance, what can investors do to minimize taxes and transaction costs to achieve their desired investment results? In this episode, Jack Sharry talks with Amanda Lott, Head of Wealth Planning Strategy at J.P. Morgan Private Bank. In this high-impact role, Amanda drives the firm's training, content, and strategic approach to help clients articulate their most meaningful intentions and align their resources to these priorities. She believes that helping individuals with sound decision-making gives them financial peace of mind and the freedom to live their best lives. Amanda talks with Jack about how she works on the key areas of financial planning, why smart asset location is important, and how she helps advisors embrace complex planning techniques.
Key Takeaways
[00:58] - Why Amanda chose to study financial planning.
[02:17] - How Amanda got into J.P. Morgan Private Bank.
[05:40] - How Amanda works on the key areas of financial planning.
[07:05] - Amanda's high-impact role at J.P. Morgan Private Bank.
[10:18] - What goes into developing a J.P. Morgan Private Bank training program.
[12:11] - Why tax efficiency is more achievable than tax alpha.
[16:48] - How Amanda gets advisors to embrace complex planning techniques.
[21:37] - Some of the big projects J.P. Morgan is working on.
[27:31] - Three key takeaways from Amanda.
[29:22] - Amanda's interests outside of work.
Quotes [13:55] - "With the evolution of the annuity space, being able to offer a low-cost option, and get more of your taxable dollars into a tax-deferred environment, presents a tremendous opportunity for advisors to deliver smart asset location advice to ultra clients." ~ Amanda Lott [27:54] - "We need to make sure there’s a baseline planning knowledge for all advisors, so they can deliver consistently and ultimately add value because that's where the industry is headed." ~ Amanda Lott [28:29] - "Technology is never going to replace the advisor. But it's got to complement them, making them more efficient and effective." ~ Amanda Lott
Links
Amanda Lott on LinkedIn
J.P. Morgan Private Bank
Texas Tech University
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The investment advisory industry focuses on asset accumulation and allocation as primary drivers of investor outcomes, leaving out opportunities to enhance returns. Taxes are the biggest expense that investors incur throughout their lives, more than everything else combined. In this episode, Jack talks with Mark Hoffman, CEO, Chairman, and Founder at LifeYield. Mark and his longtime business partner, Paul Samuelson, founded LifeYield to facilitate tax-smart, risk-smart household portfolio management solutions. Mark has over 25 years of experience as an executive at public organizations, including State Street, Fiserv, and Colonial Management. He is also the founder of three financial technology firms: LifeYield, Upstream Technologies, and Lattice Trading. Mark talks with Jack about the lessons learned over the past 14 years of building comprehensive advice platforms, the importance of tax-smart implementation in financial planning, and how LifeYield simplifies portfolio management while maximizing returns.
Key Takeaways
[01:38] - How LifeYield was founded.
[06:33] - The key lessons Mark learned over the course of his career.
[10:12] - Mark's research on the importance of tax-smart implementation.
[14:39] - How retirement income sourcing fits into portfolio management.
[17:42] - Mark's thoughts on the future of financial planning.
[20:42] - How LifeYield simplifies portfolio management while maximizing returns.
[27:33] - Why wealth management firms should be the primary advisors for their clients.
[31:35] - Why LifeYield's partnership with Franklin Templeton could be groundbreaking.
[36:11] - Interesting things Mark does outside of work.
Quotes [18:03] - "At LifeYield, we see financial planning as finally becoming the central pillar supporting how advisors engage with their clients. But financial planning has not been tax aware. Without tax awareness, financial planning cannot provide implementable advice." ~ Mark Hoffman [28:30] - "Tax alpha is often the largest benefit we've talked about in these bad markets. And for any firm in the wealth management industry to be successful, they certainly need a tax alpha strategy." ~ Mark Hoffman [28:58] - "Wealth management firms need to become the primary advisor for their clients, particularly when somebody's transitioning into retirement. It's a natural asset consolidation point because the client wants uniform advice." ~ Mark Hoffman
Links
Mark Hoffman on Linkedin
LifeYield
Paul Samuelson
Michael Benedek
Warren Buffet
Vanguard
MoneyGuidePro
Orion Advisor Solutions
Morgan Stanley
E*Trade
Franklin Templeton
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Wealth management has long been focused on investment products – stocks, bonds, and mutual funds – but there is a shift taking place in the industry. A growing number of wealth management firms are seeing the value in shifting their focus from investment products to investment processes. In this episode, Jack Sharry talks with Randy Bullard, Global Head of Wealth at Charles River Development. Before joining Charles River Development, Randy served as General Manager of Wealth Management at SigFig. At Charles River, Randy leads the Charles River Wealth Management business globally. He is responsible for the firm's wealth product strategy and growth of the business with a heavy focus on client satisfaction. Randy talks with Jack about the secular shift from investment products to the investment process in wealth management. He also speaks about the current state of wealth management in the digital age, the future of comprehensive advice platforms, and coordinating wealthtech capabilities.
Key Takeaways
[01:06] - What Charles River Development has to offer its clients.
[03:10] - How Randy got into wealth management.
[05:10] - A look back at Placemark Investments.
[09:23] - What Randy brings to Charles River Development.
[12:12] - The current state of wealth management in the digital age.
[14:59] - The future of comprehensive advice platforms.
[18:09] - Coordinating wealthtech capabilities.
[23:03] - What's next for portfolio personalization?
[25:51] - Randy's top three takeaways.
Quotes [13:32] - "Direct indexing, hyper-personalization, increased focus on tax optimization, and ESG application at an individual investor level are all manifestations of this transition from product to process, which we're undergoing in the industry right now." ~ Randy Bullard [16:08] - "UMH is a process. It's a way of collecting disconnected things and making decisions at a client level that span all the stuff the client has. And so it's a process, not a product." ~ Randy Bullard [26:08] - "Most asset managers are not doing well in this transition from an investment product to an investment process. We have to find ways to turn their value add and value proposition into data and information they can sell." ~ Randy Bullard
Links
Randy Bullard on LinkedIn
Charles River Development
State Street
Envestnet
Parametric Portfolio Associates
RBC Wealth Management
UBS
Wealthfront
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Attracted by the city's educated workforce and growing reputation as a hub for tech and entrepreneurship, many innovative companies have made Hartford their home. With the city's rich insurance history and a center for many resources, how can a new generation of insurtech talent find the best resources, mentorship, and networking opportunities to thrive in the city? In this episode, Jack talks with Laura Dinan Haber, Innovation Program Manager at Nassau Financial Group, and Paul Tyler, Chief Marketing Officer at Nassau Financial Group. In their roles, Laura and Paul work with startups and scale-ups worldwide. They help foster connections, make introductions, and open doors for the new generation of insurtech talent to the city and state. Dedicated to accelerating insurtech innovation, Laura and Paul talk with Jack about Hartford as a hub for innovation, the exciting projects they are working on, and where the world is going regarding technology and solutions.
Key Takeaways
[01:08] - Laura and Paul's roles at Nassau Financial Group.
[03:24] - How Hartford is a hub for innovation.
[05:50] - What inspired Paul to create an ecosystem of businesses.
[11:04] - Exciting projects Laura and Paul are working on.
[14:06] - How accelerator programs have helped Laura and Paul's company.
[16:17] - Laura's current clients' successes.
[18:38] - What's next for Nassau Financial Group.
[20:26] - Where the world is going in terms of technology and solutions.
[22:53] - Paul and Laura's key takeaways.
[25:50] - A few things Paul and Laura like to do outside of work.
Quotes [13:12] - "We want to be a place for people to come up with their ideas and stories, and we want to help tell those things. I like to think of us as day 91, where we can help you figure out what's next and be there for you." ~ Laura Dinan Haber [17:58] - "Watching people progress, not only as founders but as leaders themselves, and then watching their work become more fundamental to our bottom line and helping our team out, has been exciting. And it's fun to see what we can find next." ~ Laura Dinan Haber [24:01] - "Whatever place you're at in business or life, surround yourself with a community, whether online or in person, where you can be authentic, engage, and share messages." ~ Laura Dinan Haber
Links
Laura Dinan Haber
Paul Tyler
Nassau Financial Group
Nassau Re/Imagine
Virtus Investment Partners
Techstars
Stanley Black & Decker
reSET
Aetna
Cigna
University of Connecticut
University of Hartford
Connecticut Innovations
Douglas Roth
UHart Barney School of Business
TEDx Hartford
Authentic and Ethical Persuasion
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Today, we're seeing three major trends shaping the financial services industry - the retirement of baby boomers, taxes, and the popularity of financial advice platforms. As these trends significantly impact how financial services companies deliver their products and services, what do these trends mean for the future of investors and the industry? In this episode, we flip the script as Matt Nollman, VP of Marketing at LifeYield, takes the host chair to talk with Jack Sharry as the guest. As Jack speaks with industry leaders on what they're working on to move the industry forward and their businesses weekly, he assesses the top trends in the financial services industry. Jack talks with Matt about his takeaways from his conversations with industry leaders and the top three trends shaping financial services today. Jack speaks about how retirement has changed over time, why financial services place so much emphasis on tax alpha, and how financial advice platforms are increasingly becoming customized. Key Takeaways
[01:30] - The three most significant trends in financial services today.
[03:02] - How retirement has changed over time.
[04:10] - Jack's key takeaways from previous episodes on retirement.
[06:48] - Why financial services place so much focus on tax alpha.
[09:20] - Eight ways to improve after-tax returns.
[11:52] - How financial advice platforms are increasingly becoming customized.
[17:50] - Key takeaways Jack wants to share regarding tax alpha.
[20:37] - What Jack enjoys doing outside of work.
Quotes [03:33] - "The increased inflation and market volatility, plus the threat of higher taxes, have caused many people who are considering retiring to become unsettled and insecure about when and how to retire." ~ Jack Sharry [07:23] - "The most prominent issue in light of tough markets and inflation concerns are taxes. Taxes are the biggest cost investors incur and are more than their expenses combined." ~ Jack Sharry [07:55] - "Tax efficient asset management is the cornerstone of a successful retirement accumulation and de-accumulation plan. The more efficiency that you can obtain, the better." ~ Jack Sharry
Links
Jacquelyn Reardon
Franklin Templeton
Jason Fichtner
Alliance for Lifetime Income
Vanguard
Morningstar
Envestnet
J.P. Morgan
Amanda Lott
Forme Financial
Charles Schwab
Blucora
Rose Palazzo
MoneyGuidePro
McKinsey
Authentic and Ethical Persuasion: Achieving What's Important in Life Through Committed Listening and Compelling Stories
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Matt Nollman on LinkedIn
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Data is at the heart of every organization, and the ability to effectively collect, store, and analyze data is critical to success. Yet, for many financial firms, data is scattered across different silos, making it difficult to get a comprehensive view of their customers and business operations. While data can only be useful if properly organized and accessible, how can financial services integrate data to power applications, analytics, and decision-making? In this episode, Jack talks with Kyle Van Pelt, Chief Executive Officer at Milemarker. Kyle joined Milemarker through Skience, where he was the Executive Vice President of Sales. Before his role at Skience, Kyle was a Solutions Manager at SS&C Advent and the Vice President of Partnerships at Riskalyze. His wealth of knowledge in the financial services industry and his passion for technology position him as the right leader to take Milemarker into its next era of growth and development. Kyle talks with Jack about how he developed expertise in financial services, what sets Milemarker apart from other advisory platforms, and how to make multi-account unified managed households a reality.
Key Takeaways
[01:03] - How Milemarker helps clients and advisors.
[02:57] - How Kyle developed expertise in financial services.
[06:23] - The source of Kyle's motivation and enthusiasm.
[08:55] - What sets Milemarker apart from other advisory platforms.
[12:20] - Milemarker's ideal clients.
[15:25] - What Milemarker has in store for the future.
[19:22] - Kyle's thoughts on the trends to pay attention to for financial firms.
[21:47] - Making multi-account unified managed households a reality.
[28:59] - Kyle's three key takeaways.
[31:09] - How Kyle serves his community.
Quotes [08:13] - "I have a thirst for learning about things. I have an addictive personality, and once something gets into my brain, I have to know as much about it as possible. And that's the DNA inside of me." ~ Kyle Van Pelt [09:29] - "There's about 80% that every firm shares in common. And then there's this 20% of an advisory firm's business that makes the firm unique." ~ Kyle Van Pelt [20:20] - "You can't have personalization without proper data. If the data are in different silos and all over the place, it's hard to do any level of personalization." ~ Kyle Van Pelt [24:04] - "The best thing that can happen for unified managed household, personalization, etc., is for people to pick their core competency, the thing they’re really great at, the part of the stack they want to own, and own it.” ~ Kyle Van Pelt
Links
Kyle Van Pelt on LinkedIn
Milemarker
Envestnet
Black Diamond Asset Management
Addepar
Orion Advisor Solutions
Riskalyze
Skience
New Orleans Pelicans
Michael Kitces
Jud Mackrill
Kim Mackrill
Morgan Stanley
Carson Group
Uber
Lyft
Randy Bullard
WealthDesk
Hungry For A Day
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LifeYield
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As the world of wealthtech continues to evolve, so do the products and services financial advisors use to manage their client's portfolios. The multi-account unified managed account is one of the exciting developments in the industry. While UMAs are the backbone of the wealth management industry, what does it take to implement multi-account UMAs? In this episode, Jack talks with LifeYield colleague Harry Bartle. Harry is the Executive Vice President of Enterprise Sales. In his role, Harry helps enterprises build complete household wealth management platforms. Having seen all the positives and negatives of piecing together a new wealthtech platform, Harry has become a resource for current and future clients looking to build household wealthtech platforms. Harry talks with Jack about improving financial outcomes and increasing overall tax efficiency at the household level. He also discusses the evolution of the unified managed account (UMA), how the multi-account UMA came to be, and what it takes to implement multi-account UMAs.
Key Takeaways
[01:01] - The evolution of the unified managed account (UMA).
[05:46] - The impact of asset location on tax results.
[06:37] - Maximizing the after-tax return on household accounts.
[09:26] - Managing portfolios on the decumulation side.
[14:05] - How the multi-account UMA came to be.
[16:13] - What it takes to implement multi-account UMAs.
[18:49] - How LifeYield provides solutions to major companies.
[20:29] - Harry's three key takeaways.
[22:35] - What Harry does outside of work.
Quotes [06:30] - "You can't do tax management effectively unless you're doing it across all your accounts in concert with each other." - Harry Bartle [16:27] - "Anybody that's ever gone from a single account system to UMA knows how painful that process is. It's very painful, very expensive, and has years of work." - Harry Bartle [20:45] - "Everybody's talking about multi-account management and multi-account implementation household. You don't need to replace UMA. You can create household multi-account implementation capabilities while still having the backbone of your firm." - Harry Bartle
Links
Harry Bartle on LinkedIn
Vanguard
Morningstar
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According to Alliance for Lifetime Income research, The Peak 65 Generation: Creating a New Retirement Security Framework, "With the U.S. experiencing the greatest retirement surge in its history, the country's public and private sector retirement systems have become obsolete. The old metaphor of the three-legged stool of retirement planning — employer pensions, personal savings, and Social Security — no longer holds. These demographic changes will have major implications for the country's fiscal finances and the retirement security for the boomer generation and the generations that follow." In this episode, Jack talks with Jason Fichtner, Vice President and Chief Economist at Bipartisan Policy Center and Senior Research Fellow at Alliance for Lifetime Income. Jason's research focuses on Social Security, federal tax policy, federal budget policy, retirement security, and policy proposals to increase savings and investment. Jason talks with Jack about the Alliance for Lifetime Income research, The Peak 65 Generation: Creating a New Retirement Security Framework, how the demographic trends impact the retirement industry, and why now is the time to adopt a new retirement security framework.
Key Takeaways
[01:28] - An overview of Jason's professional background.
[04:14] - What Jason's research, The Peak 65 Generation: Creating a New Retirement Security Framework, is about.
[07:12] - How people can achieve retirement security.
[08:02] - What the public-private partnership looks like.
[12:25] - How the great resignation is changing the great reset.
[16:47] - How industries are helping people plan for retirement.
[25:23] - Jason's perspective on how technology is transforming retirement.
[29:31] - Jason's three key takeaways.
[30:46] - Jason's interests outside of work.
Quotes [04:59] - "Retirement is not a one size fits all model. The idea that my parents and grandparents, who worked primarily for one job, one company, their entire life, turned 65, got the gold watch and retired isn't necessarily the standard model anymore. " - Jason Fichtner [05:42] - "Social security is technically OASI, the Old Age and Survivor's Insurance program. It is an insurance program. It is not designed to be a retirement program. It was designed to insure you against old age." - Jason Fichtner [06:17] - "The three-legged stool is now wobbly. The social security trust funds are projected to be insolvent around the mid-2030s, 2034 for OASI, and if you include DI, the Disability Insurance program, it's 2035. So that's kind of shaky. And if we don't do anything to support it, benefits could get cut by the 25%." -Jason Fichtner
Links
Jason Fichtner
Alliance for Lifetime Income
The Peak 65 Generation: Creating a New Retirement Security Framework
TIAA
BlackRock
Morgan Stanley
Merrill Lynch
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Technology has transformed the financial advisory industry in recent years. Financial advisers now have access to a range of tools and platforms to help them provide a better service to their clients. While adopting new technologies is not always easy, the advantages of doing so are clear. In today's episode, Jack talks with Evan Rapoport, Founder and CEO of SMArtX Advisory Solutions. Building on years of experience in the institutional asset management segment, Evan pioneered managed accounts technology that allows wealth managers of all types to access the same strategies typically only available to the largest investors. Before forming SMArtX, Evan created a comprehensive financial data marketplace for hedge funds, HedgeCo.Net, which still exists today. Evan talks with Jack about how SMArtX Advisory Solutions helps to redefine managed accounts technology and how it integrates technology to bring the financial advisory industry into the modern day.
Key Takeaways
[01:05] - Evan's role at SMArtX Advisory Solutions.
[02:08] - How SMArtX was born.
[07:35] - How SMArtX fits into Morningstar's ecosystem.
[12:33] - Evan's perspective on hyper-personalized asset management.
[16:02] - How SMArtX integrates and coordinates technology to improve outcomes.
[22:27] - What the future holds for SMArtX.
[28:26] - Evan's interests outside of work.
Quotes [03:14] - "As a broker, it is tough to do two things well: raise money and manage money." - Evan Rapoport [10:47] - "The opportunity with Morningstar is not only working with great people and great culture but also a tremendous business opportunity for us strategically in both powering their TAMP and now building out their direct indexing platform, which they've gone live in beta." - Evan Rapoport [20:40] - "We are more focused on expanding the general integrations within SMArtX and creating those partnerships more broadly. We let the advisor come to SMArtX and choose what they want, not just tell us what they have." - Evan Rapoport
Links
Evan Rapoport on LinkedIn
SMArtX Advisory Solutions
Morningstar
HedgeCo.Net
Charles Schwab
Envestnet
Orion Advisor Solutions
Black Diamond Capital Management
Advent Capital Management
BlackRock
State Street
InvestCloud
Hightower Advisors
Riskalyze
Envestnet | Tamarac
55ip
Morgan Stanley
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LifeYield
Jack Sharry on LinkedIn
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Advisors are constantly looking for ways to best serve their clients. However, with the fast-paced and ever-changing landscape of the industry, it can be difficult to keep up. Advisors are expected to deliver the highest level of client experience while growing their business and managing time-consuming tasks. In this episode, Jack talks with Natalie Wolfsen, Chief Executive Officer at AssetMark. Prior to AssetMark, Natalie held product management and marketing roles in firms such as First Eagle Investment Management, Pershing, Charles Schwab, and American Express. She took the reins at AssetMark a year ago and has spearheaded the company’s strategic direction, which encompasses its platform of curated investment and technology solutions, business consulting and operations support, and strategic acquisitions that serve the best interests of financial advisors and their investors. Natalie talks with Jack about what AssetMark offers advisors, how asset management and planning are integrated into its distribution model, and why outsourcing is key to helping advisors serve their clients better.
Key Takeaways
[01:11] - What AssetMark is and how Natalie plays a key role in the business.
[03:14] - What Natalie finds exciting about the future of wealth management.
[05:39] - AssetMark's approach to personalizing its products and services.
[07:33] - How their acquisition of Voyant has enabled clients to achieve financial wellness.
[11:33] - What makes Voyant a popular wealth management software provider.
[13:22] - How AssetMark integrates asset management and planning into its distribution model.
[16:08] - How planning and proposals are translated into the portfolio.
[18:48] - What AssetMark's distribution model looks like.
[23:05] - Why outsourcing is key to helping advisors serve their clients better.
[27:48] - Natalie’s three main takeaways.
[28:49] - What Natalie enjoys doing outside of work.
Quotes [04:08] - "In the pandemic, we all became much more reliant on technology. And also, the benefits of technology became so clear to so many for the first time. As a result, demands for advice and technology have changed. And one important way it's changed is personalization." - Natalie Wolfsen [08:15] - "From my perspective, what financial wellness ultimately does is it brings together the goals, dreams, and aspirations that live in a financial plan with the investments that advisors and their clients make to bring that financial plan to life." - Natalie Wolfsen [14:11] - "Financial wellness is the combination of ongoing communications between the advisor, their clients, goal setting, goal management, risk management, and investments." - Natalie Wolfsen [20:16] - "One of the reasons that AssetMark advisors grow so quickly and at the heart of that is a concept of outsourcing. If you outsource your investment management, if you outsource your technology, or if you outsource key parts of your operational processes, your number of clients grows, your revenue grows, your profitability grows as does your client satisfaction and your own quality of life." - Natalie Wolfsen
Links
Natalie Wolfsen on LinkedIn
AssetMark
First Eagle Investment Management
Pershing
Charles Schwab
Voyant
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As the demographics of investors continue to change, the wealth management industry is starting to pay attention to inclusion and diversity. Many firms hire, prepare, and advance underrepresented talents throughout the financial services industry and create programs to best serve an increasingly diverse clientele. This positive trend leads to more equitable and representative services for all investors. In this episode, Jack talks with Craig Pfeiffer, President and CEO of Money Management Institute (MMI). Craig is a senior financial services executive, following 29 years with Morgan Stanley Smith Barney and its predecessor firms. He transitioned from MSSB in 2012, where he was Vice Chairman and a member of the Executive Committee. From 2003 to 2011, he held a progression of senior positions, including the National Sales Group, responsible for marketing strategy and client communications, desktop technology, and brokerage-based banking. Additionally, Craig has been responsible for businesses, including retirement services and corporate equity solutions. Craig talks with Jack about his current projects and programs, why diversity and inclusion are becoming an area of focus in wealth management, and his outlook on where wealth management is headed in the future.
Key Takeaways
[01:08] - What Money Management Institute offers in the investment advisory industry.
[03:11] - A list of Craig's current projects and programs.
[08:31] - Wealth management as a people's business.
[11:02] - Craig's outlook on where wealth management is headed.
[15:48] - What Craig looks forward to over the next few years.
[20:01] -The history of MMI's innovation in wealth management.
[24:29] - Craig's three key takeaways.
[26:08] - Craig's interests outside of work.
Quotes [03:54] - "For the last number of years, there have been challenges around dealing with accumulated wealth and retirement assets, not only the income but doing so smartly around taxes, risk around location, etc." - Craig Pfeiffer [07:04] - "We have to go outside our industry, find people of color, and bring them into middle-level jobs. Fill out that sophomore, junior class, so the freshmen have an aspiration." - Craig Pfeiffer [22:06] - "There was no opponent to the SMA business other than a lack of awareness. You can't come to an MMI event without putting your gun down. You're coming to share best practices. You're coming to share ideas. You're coming to learn. And people have had that structural fiber that allows people to enjoy it." - Craig Pfeiffer [25:36] - "Being a leader in this business is rewarding. But you're only a leader if you have followers, and followers will only follow if they think they're listened to." - Craig Pfeiffer
Links
Craig Pfeiffer on LinkedIn
Money Management Institute
Steve Gresham
The Execution Project
Cheryl Nash
InvestCloud
Financial Advisor Magazine
BlackRock
Jed Finn
Morgan Stanley
Jenny Johnson
Jasmine Jirele
Franklin Templeton
Allianz Life
Burt White
LPL Financial
Carson Group
Envestnet
Ainslie Simmonds
Pershing
Michael Liersch
Wells Fargo
Microsoft
PwC
University of Virginia Darden School of Business
Keith Glenfield
Bank of America
Troy Thornton
Goldman Sachs
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In a recent study by Franklin Templeton, U.S. workers are re-evaluating their relationship with their employers and the benefits they receive at work. The study found that workers are increasingly interested in non-traditional benefits and the need across the full spectrum of financial resources. In this episode, Jack talks with Jacquelyn Reardon, Head of Retirement & Insurance Marketing at Franklin Templeton. In her role, Jacquelyn manages a team of marketing specialists to implement strategies for distribution channels associated with U.S. retirement and insurance businesses. She also deploys resources that drive marketing results while reinforcing process best practices, developing talent, and managing the budget. Jacquelyn talks with Jack about Franklin Templeton's Voice of the American Worker survey, its outcome, and how the company responded to its results.
Key Takeaways
[00:51] - Jacquelyn's role at Franklin Templeton.
[01:43] - What the Voice of the American Worker survey is about.
[03:35] - The four key takeaways from the Voice of the American Worker study.
[04:40] - Why American workers are re-evaluating their work and expectations of employers.
[09:47] - How workers are focusing more on financial independence than traditional retirement.
[12:51] - What respondents think about hyper-personalization.
[14:56] - Workplace as the lobby for wealth management.
[16:12] - Why workers seek to improve their financial wellbeing.
[18:58] - A need for financial health improvement.
[22:25] - How Franklin Templeton responded to the survey results.
[24:50] - Jacquelyn's three key takeaways from the research on American workers.
[25:59] - What interests Jacquelyn outside of work.
Quotes [06:16] - "Fifty-five percent of people have said it's not just that they've left or considered leaving, but seeing other colleagues consider leaving or leaving has made them reassess what they want from employers." - Jacquelyn Reardon [18:13] - "Seventy-six percent of people, as it relates to student loan debt, said that they would've made different educational choices if they had realized how much debt they would get into." - Jacquelyn Reardon [20:30] - "There's an opportunity for employers to take that holistic view of wellbeing and put some incentives and resources in place." - Jacquelyn Reardon
Links
Jacquelyn Reardon on LinkedIn
Franklin Templeton
Morgan Stanley
Goldman Sachs
Jenny Johnson
Tiburon Strategic Advisors
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Strategic partnerships between businesses can be a powerful way to enhance growth and achieve goals that would be difficult to attain independently. By forming mutually beneficial relationships with asset managers and professionals, wealth management businesses can gain access to new ideas, strategies, and technology platforms, enabling them to focus on what they do best: providing high-quality service to their clients. In today’s episode, Jack talks with Mark Spina, Chief Operating Officer and President at FLX Networks. Mark has over two decades of experience managing sales, national accounts, product, data, and marketing teams around the globe. His current responsibilities include developing and delivering cost-effective solutions to FLX members. Mark talks with Jack about FLX Networks' approach to helping asset managers and management firms scale their businesses, how having a network can be leveraged to build capabilities that resonate across the community, and how technology plays a crucial role in enabling their business model.
Key Takeaways
[00:51] - How Mark got his start at FLX Networks.
[04:41] - How Mark works with asset managers and management firms.
[11:46] - FLX Networks' growth over time.
[16:55] - The company's approach to helping asset managers and advisors grow their businesses.
[19:32] - How FLX Networks enables advisors to deliver products and services effectively.
[21:15] - What role digital technology plays in the company’s business model.
[25:42] - Mark's top three key takeaways.
[27:49] - What interests Mark outside of work.
Quotes [07:30] - "It's kind of amazing when you think about how modern all other sales engagements have become. Most of the selling experiences, it's better targeted. There's more data flowing into it. You can be more precise. But at the point of sale, it still looks and feels very similar to the way it did 30 years ago." - Mark Spina [19:42] - "Being in the network of networks, we are able to source a combination of componentry. We are able to source practice management capabilities from external providers. We've built in-house capabilities in some of the areas that we think resonate across that community." - Mark Spina [26:00] - "In a business and industry that requires scale to succeed, managers have to think about how they can creatively and collaboratively create that scale. And it's unlikely for the vast majority of asset managers to be able to create the requisite scale by themselves." - Mark Spina [27:02] - "The concept of wholesaling products has to evolve in the next three to five years. It has to look more like everything else that an advisor or person does in their day-to-day life of buying and selling product." - Mark Spina
Links
Mark Spina on LinkedIn
FLX Networks
Brian Moran
SEAL Family Foundation
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Leading a financial advisory firm is a challenge. The goal is to provide sound and objective financial planning advice to clients but to do so profitably and at scale is an uphill battle. In today’s episode, Jack talks with Robert Pettman, EVP, Wealth Management Solutions at LPL Financial. Robert is responsible for leading the advisory and brokerage platforms, investment products, and relationships with asset managers, insurance companies, and wealth tech providers. In addition to his role, he also heads the research department, a new component that is essential to a comprehensive wealth management strategy. Robert talks with Jack about LPL Financial's spectrum of products, solutions, and opportunities, how they enable advisors to run a models-based practice more efficiently and effectively, and what his outlook is for the future of the financial advisory business.
Key Takeaways
[02:03] - How Robert got his start in the financial services industry.
[05:53] - What LPL Financial is working on right now that Robert is excited about.
[07:59] - How LPL Financial empowers advisors.
[13:31] - How Robert handles the many tasks involved in serving advisors.
[17:20] - Robert's outlook for the future of the financial advisory business.
[22:55] - Robert's three key takeaways.
[23:49] - Interesting facts about Robert.
Quotes [14:18] - "It's really important to have great talent, creative and innovative, and client-centric that understands the issues, that's focused on solving problems for the clients and essentially bringing forward those ideas to actually help propel the company in doing the best that it can in serving advisors." - Robert Pettman [17:34] - "A product really exists as a vehicle of convenience. And it so happens that with the evolution of technology, we're actually getting to a place where that's not actually the most efficient and effective way to deliver solutions." - Robert Pettman [23:02] - "That theme of technology attacking the product wrapper is not something that's scary. It's something to be embraced and that can provide extra features and benefits for advisors and investors." - Robert Pettman
Links
Robert Pettman on LinkedIn
LPL Financial
Blaze Portfolio
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Taxes are a reality for all investors. Their effects can significantly affect financial outcomes and take a big bite out of investment returns. In response, advisors look for strategies that minimize tax liabilities while maximizing returns. As tax alpha may be the holy grail for many investors, what investment strategies can they use to maximize their financial outcomes? In this episode, Jack talks with Martin Cowley, Executive Vice President of Product Development at LifeYield. As one of the pioneers in building UMH solutions in the industry, Martin is an expert at building platforms across the wealth management ecosystem. At LifeYield, Martin and his team focus on finding the client's unique circumstances and then determining the best way to serve them. Martin talks with Jack about five ways to achieve tax alpha through a comprehensive advice platform. He discusses how these strategies work and how advisors utilize them to help clients reach their financial goals. Key Takeaways
[01:11] - An overview of Martin's key role at LifeYield.
[05:58] - Tax harvesting as a means of improving tax alpha.
[08:40] - How single-account management differs from coordinated multi-account management.
[11:38] - The importance of asset allocation when it comes to taxes.
[19:04] - How rebalancing and income generation can work together.
[21:16] - What asset allocation and rebalancing can do for income sourcing.
[28:53] - Martin's three key takeaways.
[31:30] - What Martin likes to do outside of work.
Quotes [10:16] - "The fact that you can see multiple tax lots across more than one account gives you more room for efficiency. It gives you more tax lots to pick from." - Martin Cowley [17:53] - “Tax harvesting is good, it's a part of our toolkit. But asset allocation does mitigate the need for tax-loss harvesting, especially considering it dissipates over time.” - Martin Cowley [18:42] - "A transition from an existing set of assets over to a new model can be made a lot more efficient by putting controls on gain realization and potentially breaking up the move over a year or more depending on what works for the clients and their appetite for taxes." - Martin Cowley [29:07] - "Tax harvesting is well-established and it's a vulnerable exercise, but it's more valuable when you spread it across multiple accounts to the extent that you can." - Martin Cowley
Links
Martin Cowley on LinkedIn
LifeYield
Paul Samuelson
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The wealth management industry is constantly evolving with new trends. These trends are driving significant changes in the wealth management industry, prompting firms to adopt new strategies and technologies in order to meet investor demands. How can advisors make the most of these trends and make a significant impact on their clients? This week, we flip the script as Jack Sharry takes the guest chair and Matt Nollman, VP of Marketing at LifeYield, hosts the show. As Executive Vice President, Chief Growth Officer, and Principal at LifeYield, Jack helps industry leaders, platform builders, advisors, and investors understand UMH platforms and the advantages they create. As a leading industry voice on wealthtech, Jack shares his insights on the top five trends in wealth management, how these trends are impacting the industry, and how the combination of platform and advisor makes the biggest difference in client relationships.
Key Takeaways
[01:20] - The key role Jack Sharry plays at LifeYield.
[02:33] - What Jack sees as the top five trends in wealth management.
[06:23] - The impact of retiring baby boomers on wealth management.
[07:33] - How advisors can effectively manage the influx of money from next-generation investors.
[09:39] - The impact of technology convergence on wealth management.
[11:48] - Why the combination of platform and advisor makes the biggest impact on clients.
[15:52] - How advisors with the best soft skills have a competitive advantage in managing wealth.
[19:39] - Jack's three key takeaways.
[21:07] - What Jack enjoys outside of work.
Quotes [05:41] - "At the end of the day, an advisor and a client need to talk. Algorithms aren't human beings. They just tell you how to optimize what's going on. You’ve got to ask them questions and you have to have a real dialogue often with clients that don't fully understand what it is they're trying to solve." - Jack Sharry [20:02] - "More people are retiring today with more money and more complexity than at any point in history. So, a tidal wave of assets and complexity are driving our business for the foreseeable future." - Jack Sharry [20:13] - "Digital and human advice are coming together on comprehensive advice platforms. And the job of the underlying algorithms is to identify the next best actions. Strategy is a start, but the ultimate job of these platforms is to coordinate implementation across the household and to determine the next best thing to do to improve financial outcomes." - Jack Sharry
Links
Jack Sharry on LinkedIn
Matt Nollman
John Connors
John Thiel
Tiburon Strategic Advisors
Morgan Stanley
JP Morgan
Orion Advisor Solutions
Edward Jones
Wells Fargo
UBS
Merrill Lynch
Envestnet
Goldman Sachs
LPL Financial
E*Trade
Eaton Vance
James Gorman
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Jack Sharry on LinkedIn
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Digitization and personalization are two emerging trends in asset and wealth management. With financial wellness also becoming an important factor in overall portfolio management, the convergence of digital advice and concierge services has grown more complex. How can advisors cope with the rapid changes in the asset and wealth management industries? In today’s episode, Jack talks with Nalika Nanayakkara, Managing Partner Americas, Financial Services Consulting Leader, EY. A leader in EY's Wealth and Asset Management (WAM) Consulting business, Nalika advises many of the world's leading WAM organizations on strategy, growth, efficiency, and innovation. Nalika talks with Jack about the recent changes in the asset and wealth management industry, how financial leaders are coping with digitization and concierge services, and why complexity is an opportunity.
Key Takeaways
[01:11] - Nalika's role in the asset and wealth management services.
[03:02] - The recent changes in the asset and wealth management industry.
[08:08] - How financial leaders are coping with digitization and concierge services.
[14:22] - Why complexity is an opportunity.
[18:11] - The convergence of retirement and wealth management businesses.
[21:43] - How to keep up with retirement and wealth management services in the future.
[23:13] - What interests Nalika outside of work.
Quotes [04:39] - "Clients are becoming a bit more self-directed, but it doesn't mean the value of advice goes away. It's really how the advisor's role changes from financial advisor to a life coach." - Nalika Nanayakkara [14:22] - "Complexity is a threat but it's also an opportunity. I think if things are easy, then everything could be automated and everything would be free." - Nalika Nanayakkara [20:19] - "I think retirement is also becoming a part of the wellness agenda, like how do I get financial peace of mind? And retirement is a big piece of it." - Nalika Nanayakkara [22:08] - "You can't be all things to all clients. So, you have to figure out how to balance digitization with the human touch. You have to figure out how to use tech and data to provide differentiated experience and build trust." - Nalika Nanayakkara
Links
Nalika Nanayakkara on LinkedIn
EY
Edward Jones
Goldman Sachs
JPMorgan Chase
Morgan Stanley
Merrill Lynch
UBS
Orion Advisor Solutions
Envestnet
Fidelity Investments
Empower Retirement
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Technology has always been a driver for change, and the financial sector is no exception. Driven by clients who are looking for more holistic advice, financial advisors are now leveraging technology solutions to provide a higher level of service. With the development of comprehensive advisory platforms, advisors can offer better advice and outcomes to their clients. In today’s episode, Jack talks with Rich Cancro, Founder and CEO at AdvisorEngine. Rich brings more than 25 years of experience building wealth management technology. Prior to founding AdvisorEngine, he served as a Managing Director at Bank of America Merrill Lynch, and created industry-leading solutions for J.P. Morgan, Bear Stearns and DLJDirect. Rich talks with Jack about how he helps advisors provide better advice and outcomes for their clients, how he built AdvisorEngine to be a comprehensive advice platform, and what the future looks like for the financial advisory industry.
Key Takeaways
[01:08] - What AdvisorEngine has to offer clients.
[01:51] - An overview of Rich's career in the financial advisory.
[05:56] - Why Rich started his own business despite working for one of the largest firms.
[10:42] - How Rich built AdvisorEngine to be a comprehensive advice platform.
[15:14] - Rich's perspective on the future of the industry.
[21:50] - What prompted AdvisorEngine to acquire Junxure.
[25:41] - Interesting things Rich does outside of work.
Quotes [02:30] - "I am absolutely passionate about fiduciary advisors. I love the fact that fiduciary advisors are fully aligned with the client's interests. They're small businesses. How they get service and how they service their clients, every moment matters." - Rich Cancro [18:03] - "I think advisors really have to evolve from relationship building. They're great at it, that's where they build their trust. But they have to pivot from that perspective into becoming great marketers. A vast majority of independents are not great at marketing" - Rich Cancro
Links
Rich Cancro on LinkedIn
AdvisorEngine
Tom Bradley
Charles Schwab
TD Ameritrade
Fidelity Investments
Pershing
James Crowley
Merrill Lynch
Joel Bruckenstein
New York Yankees
Boston Red Sox
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Data and technology are critical when it comes to providing holistic wealth advice. They are two essential resources that can help advisors gain a deeper understanding of their clients' financial situations, enabling them to offer more tailored recommendations. In today’s episode, Jack talks with Paula, Managing Director & Head of Growth Strategy at Global Atlantic Financial Group. Prior to joining Global Atlantic Financial Group, Paula served as CEO and President of Transamerica Capital, and Managing Director for Aegon Financial Services Group. In her current role, Paula's primary focus is on growth that involves bringing insurance strategies and alternative asset options to financial professionals. Paula talks with Jack about the role technology plays in the insurance industry, how Global Atlantic applies innovative approaches to offer better services to financial professionals, and how data and technology are key to providing holistic wealth advice. Key Takeaways
[01:26] - What Global Atlantic Financial Group is and how it serves its clients.
[02:50] - Paula's professional history and her hopes for the wealthtech industry.
[05:53] - Two important ways technology contributes to the insurance industry.
[08:01] - Paula's role in the growth of Global Atlantic Financial Group.
[13:06] - Global Atlantic's innovative approach to serving advisors.
[19:02] - What the future looks like for the insurance industry.
[22:52] - How technology and data are key to providing holistic wealth advice.
[23:42] - What Paula does outside of work.
Quotes [13:44] - "The ability and the key that technology will allow is these products to sit alongside other things that advisors and clients can work with much more seamlessly than a standalone package product." - Paula Nelson [16:02] - "What [technology] can provide to financial professionals who really want to expand what they do for clients is critically important to how they become more than just a money manager. And I don't know how they do it without technology." - Paula Nelson [22:58] - "If your organization is not investing in digital data analytics, you should be asking why. Why aren't we making those investments? Technology and data are key to really providing holistic wealth advice." - Paula Nelson Links
Paula Nelson on LinkedIn
Global Atlantic Financial Group
Goldman Sachs
KKR
David Lau
DPL Financial Partners
Heather Kelly
Allianz
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Disclosure This podcast is intended for Financial professional use only. The opinions expressed are those of the opinions of the speakers as of May 2022 and may not come to pass. Nothing said should be considered a recommendation to buy, sell or hold any security product. Annuities issued by Forethought Life Insurance Company, Indianapolis, Indiana. Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity Company. Each subsidiary is responsible for its own financial and contractual obligations. These subsidiaries are not authorized to do business in New York.
Trust is the cornerstone of a successful advisor-client relationship. And earning that trust starts with empathy – the ability to have a complete understanding of clients' situations and concerns. Having a clear understanding of what drives clients' decisions allows advisors to develop and recommend solutions that align with their goals and preferences, laying the foundation for successful advisory platforms. In today’s episode, Jack talks with John Connors, Founder and CEO of Boathouse. Prior to founding his own marketing agency in 2001, John held positions at companies such as Hill Holliday and Merrill Lynch, served as CEO of Zentropy Partners, and became part of the McCann World Group Management team. With the aim of bringing a new level of performance-mindedness to the agency business, John created Boathouse. John talks with Jack about why narratives matter, why advisors deserve more attention and value, and how empathy can be key to building trust with clients.
Key Takeaways
[02:00] - A brief overview of John's professional career.
[03:56] - The story behind the creation of "Total Merrill".
[09:54] - Why John thinks that advisors are undervalued.
[13:55] - How technology and narrative go together in the advisory business.
[17:43] - How empathy is critical in developing a comprehensive advice platform.
[21:00] - How empathy plays a role in the narrative of trust.
[23:33] - John's three key takeaways.
[26:30] - Interesting activities John engages in outside of work.
Quotes [10:22] - "There's so much emphasis on product platform and tech, and it's striking to me how little emphasis is on the advisor and how management tends to commoditize the advisor rather than actually leverage the advisor." - John Connors [19:14] - "If you can't walk in and build that empathy based on understanding those issues and those audiences, you can't build that trust" - John Connors
Links
John Connors on LinkedIn
Boathouse Group
Merrill Lynch
Hill Holliday
McCann
General Motors
The Coca-Cola Company
James Gorman
Morgan Stanley
Paula Polito
UBS
John Thiel
Goldman Sachs
NextCapital
Folio Investing
Empower Retirement
Fidelity Investments
Vestwell
E*Trade
Eaton Vance
JP Morgan
Orion Advisor Solutions
Tesla
Elon Musk
Frank McAleer
Raymond James
Ben Huneke
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LifeYield
Jack Sharry on LinkedIn
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In a rapidly changing industry, Allianz Life has been able to stay ahead of the curve and emerged as one of its most innovative and thriving companies. While technology has undoubtedly been instrumental in this transformation, Allianz has built upon four cornerstones that have contributed to its success. In today’s episode, Jack talks with Corey Walther, President of Allianz Life Financial Services. Corey is responsible for the business results, strategic direction, sales execution and distribution for several Allianz Life Insurance Company product lines. He is also passionate about leading teams and developing strategies that help identify and implement opportunities to improve sales, service delivery, and profitability. Corey talks with Jack about the 4 Ps of growing a business, the secret to Allianz’s continued growth and success, and how technology is changing the game of wealth management.
Key Takeaways
[01:16] - The key role Corey plays at Allianz Life Financial Services.
[02:40] - How the wealth management and annuity industries have evolved over time.
[05:30] - The 4 Ps of growing a business: Process, Performance, Partnership, and People.
[10:01] - The secret to Allianz's continued growth and success.
[13:39] - How technology is a game-changer for wealth management.
[16:46] - How Corey helps advisors embrace the opportunities presented by technology.
[21:27] - What the future holds for wealth management.
[24:18] - Corey's three key takeaways.
[25:10] - What Corey enjoys outside of work.
Quotes [14:54] - "Technology, in general, has been a game-changer for our industry. And, quite frankly, not just for insurance and annuities but also for our clients. I just couldn't be more excited and bullish about what we can do with technology being the epicenter of really helping our industry and this country improve livelihoods for so many households across the country." - Corey Walther [17:22] - "In our world, it's not just about solution selling. It's about starting with the conversation that a financial professional might be having with an investor and that financial planning approach. And then it's how do we best fit that goals-based planning conversation to be able to demonstrate where does an annuity fit and where does it not fit." - Corey Walther [24:26] - "As a financial advisor and professional investor, make sure that you're incorporating and thinking about risk management strategies, not just investment management, but risk management." - Corey Walther
Links
Corey Walther on LinkedIn
Allianz Life
RBC Wealth Management
Jasmine Jirele
Walter White
Carlson School of Management
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Wealth management and retirement planning are two important aspects of financial planning. While they are often discussed separately, the convergence of these two industries allows people to take a holistic approach to their finances and create a comprehensive financial plan that helps them achieve their financial goals. In today’s episode, Jack talks with Fred Barstein, Founder and CEO of The Retirement Advisor University (TRAU) and The Plan Sponsor University (TPSU). He is also the contributing editor for WealthManagement.com's RPA Edge and Editor in Chief & Founder of 401kTV, a media channel helping mid-size and smaller companies better manage their defined contribution plans. Fred talks with Jack about what he does to serve the DC 401k market, how wealth management and retirement can work together, and how big players in the wealth management industry are now focusing on retirement.
Key Takeaways
[01:11] - What Fred does to advance the retirement and advice space.
[02:52] - How Fred collaborates with institutions to help educate plan sponsors.
[06:19] - A look at the type of community Fred is part of.
[11:57] - How wealth management and retirement can work together.
[17:59] - The challenges the DC industry is facing today.
[21:18] - How big players in the wealth management industry are now focusing on retirement.
[25:52] - How retirement plan advisors are changing their strategies.
[29:08] - Fred’s three key takeaways.
[31:00] - Activities that Fred enjoys doing outside of work.
Quotes [03:17] - "We saw that there were a lot of designations and it seems like there's a lot popping up. But the credibility of them, if you can just do it online and take a test, doesn't make you an expert. So, we wanted to have a designation and training that plan sponsors could be sure of or we are confident that this advisor is actually well trained and has the experience." - Fred Barstein [08:24] - "Part of the reason that I work with wealth management is they want a platform. The DC industry wants to get into and speak to the wealth management industry. They see a huge opportunity in the convergence of wealth, retirement, and benefits." - Fred Barstein [14:40] - "RPAs have a huge advantage over traditional wealth management when it comes to getting access and credibility." - Fred Barstein [26:55] - "DC plans have now become a strategic benefit rather than tactical. Retirement plan advisors have moved from the waiting room with the rest of the salespeople to the boardroom talking strategy." - Fred Barstein
Links
Fred Barstein on LinkedIn
The Retirement Advisor University
The Plan Sponsor University
401kTV
401(k) Real Talk
InvestmentNews
Wealth Management
RPA Edge Podcast
UCLA Anderson School of Management
SPARK Institute
Newport Group
Empower Retirement
Prudential Financial
MassMutual
Morgan Stanley
VestWell
UBS
Merrill Lynch
Fidelity Investments
Vanguard
Charles Schwab
CapTrust
Sageview Capital
NFP
Edmund Murphy
Aaron Schumm
Lockton
Hightower Advisors
Mercer
Wealthfront
E*trade
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Wealth and investment management are constantly evolving industries, with new technologies, strategies, and trends emerging every day. In order to stay ahead of the curve, advisors need to be aware of the key drivers shaping the landscape. In today’s episode, Jack talks with Chip Roame, Founder and Managing Partner of Tiburon Strategic Advisors, and the Tiburon CEO Summits. Prior to forming Tiburon in 1998, Chip served as a management consultant at McKinsey & Company, and later as a business strategist at The Charles Schwab Corporation. In his current role, Chip is responsible for all of Tiburon's advisory, research, service, and marketing activities, keeping him on the leading edge of strategic initiatives in the industry's fastest-growing businesses. Chip talks with Jack about what to expect at the Tiburon CEO Summits in Boston, the top four trends in wealth and investment management, and what RIAs will look like in the future. Key Takeaways
[01:07] - An overview of Chip’s career in wealth management.
[02:08] - What prompted Chip to establish Tiburon Strategic Advisors and Tiburon CEO Summits.
[06:46] - What to expect at the Tiburon CEO Summits in Boston.
[09:00] - The top four trends Chip is focusing on.
[14:52] - How robo-advisors are doing exceptionally well.
[17:32] - Chip’s thoughts on the trend of company and asset acquisitions.
[19:36] - Why organic growth is critical to the RIA channel.
[24:28] - What RIAs will look like in the future.
[25:36] - Chip’s three key takeaways.
[28:05] - What Chip enjoys outside of work.
Quotes [09:28] - "I think the Gen X consumer is the big opportunity for the next 10 years. When you work your way through the data, you realize Gen X will save and invest more money than will baby boomers and millennials combined in the next 10 years. There's a lot of buzz about millennials and how they're so influential and all that, but in dollars and cents in the next 10 years, there's a lot about the Gen X investor." - Chip Roame [18:22] - "A lot of firms have just discovered how fast the RIA market is growing and then they're doing one of three things. They're either going to be the RIA, they're going to be a custodian to the RIA, or they're going to be a bigger product provider to the RIA." - Chip Roame [27:49] - "I don't think small advisors are really as threatened as everyone says they are. I do believe in consolidation. I don't believe that small advisors are in trouble." - Chip Roame Links
Chip Roame on LinkedIn
Tiburon Strategic Advisors
Tiburon CEO Summits
McKinsey
Charles Schwab
M Financial Group
Paul Hastings
Skip Schweiss
TD Ameritrade Institutional
Fiserv
Walt Bettinger
Joe Mansueto
Morningstar
Robert Reynolds
Fidelity Investments
Mark Casady
LPL Financial
Mark Hoffman
Vanguard
Money Management Institute
Merrill Lynch
Mercer
Edelman Financial Engines
Captrust
Goldman Sachs
NextCapital
Morgan Stanley
Solium Capital (now Shareworks by Morgan Stanley)
E*Trade
Empower Retirement
Vestwell
BlackRock
Folio Investing
Focus Financial Partners
CI Financial
Wells Fargo
Scott Hanson
Allworth Financial
Craig Wietz
First Rate
Tiburon Impact Adventures
Skip and Chip’s and Excellent Adventure
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Wealth management is constantly evolving as the needs of consumers and businesses change. In order to stay ahead of the curve, companies need a platform that provides their customers with a 360-degree view of all their assets. This will allow them to deliver a better customer experience, increase loyalty, and drive growth. By having a single platform that connects all aspects of the business, firms will be able to better serve their customers and provide them with a better overall experience. In today’s episode, Jack talks with Ainslie Simmonds, President of Pershing X, a new business unit in BNY Mellon that designs and builds innovative digital solutions for Pershing’s Wealth Solutions clients, including broker dealers, RIAs, and trust companies. Prior to joining Pershing, Ainslie was the Global Head of Digital at PIMCO, the Chief Marketing and Product Officer at thinkorswim, and the Chief Operating Officer at LearnVest. Ainslie brings two decades of experience in wealth management and digital experience to her role at Pershing X. Along with her team, she is dedicated to delivering the industry's leading end-to-end advisory platform, helping financial services firms solve the challenge of managing disconnected technology. Ainslie talks with Jack about what Pershing X has to offer in the financial services industry, how she plans to address the interoperability issue in the financial system, and how Pershing X hopes to dominate the advisory market.
Key Takeaways
[01:26] - What Pershing X has to offer in the financial services industry.
[03:19] - A look back at Ainslie's professional journey.
[07:22] - How Pershing X plays a role at the Bank of New York Mellon.
[10:56] - Where Pershing X draws its inspiration.
[14:54] - How Ainslie plans to address the interoperability issue in the financial system.
[17:34] - How Pershing X hopes to dominate the advisory market.
[20:29] - Why the financial industry is ill-prepared to deal with waves of retirees.
[23:15] - Ainslie's three major takeaways.
Quotes [18:58] - "No expectation we're going to win every app. It's on us though to always be adding more and more of that interoperability value." - Ainslie Simmonds [22:29] - "If you think about the ways interoperability could show up, it can very much show up in retirement paychecks. It can show up in a lot of different ways that no single point provider could do. I can see the problems getting solved with a suite that talks to each other." - Ainslie Simmonds [23:24] - "If you are in the advisory business, I think you need to think hard about how much you want to invest in tech and how much you're going to turn to partners. That has to be a really thoughtful decision." - Ainslie Simmonds [23:52] - "There is this massive opportunity to serve clients through all stages of their life. And you need to think about how your platforms and technologies are supporting you in that." - Ainslie Simmonds
Links
Ainslie Simmonds on LinkedIn
Pershing X
LearnVest
Campbell Soup Company
Molson Coors
thinkorswim (now TD Ameritrade)
Northwestern Mutual
PIMCO
BNY Mellon
Robin Vince
Edward Jones
JP Morgan
Morgan Stanley
Orion Advisors Solution
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Retirement planning is evolving in an interesting way as the baby boomer generation retires. As life expectancy is rising and retirees are coming in waves, it's necessary to create better retirement plans. In today’s episode, Jack talks with Frank McAleer, Senior Vice President of Wealth Planning, Global Wealth Solutions at Raymond James, a global financial services firm that focuses on providing trusted advice and tailored, sophisticated strategies for individuals and institutions. Bringing more than 30 years of industry experience, Frank leads Raymond James’ efforts to empower financial advisors with thought leadership, technology, and practical guidance to address the evolving financial planning needs of their clients. They believe a financial plan that sets out clear objectives and the partnership offered by a professional financial advisor is key to achieving long-term financial and lifestyle goals. Frank talks with Jack about how Raymond James offers services focused on longevity and retirement, how they empower advisors, and the role technology plays in retirement planning.
Key Takeaways
[01:16] - Raymond James’ role in the financial services industry.
[07:44] - How Raymond James became a successful firm.
[09:10] - How Raymond James empowers advisors.
[11:35] - How Raymond James' longevity planning works.
[15:59] - What the future holds for Raymond James' retirement planning.
[19:09] - The role of technology in the retirement planning ecosystem.
[21:01] - Why the top issues for clients are not the top issues for advisors.
[24:35] - Frank McAleer's key takeaways.
[26:25] - Frank's interesting activities outside of work.
Quotes [16:08] - "Planning and longevity, they're kind of intertwined. There's so much more emotional intelligence required and there's more empathy required, it's holistic." - Frank McAleer [25:07] - "If I identify the number one issue in longevity, it's caregiving. And there are two things that will do, it will differentiate you, and it will help you immensely when the transition of wealth conversation comes up because you're getting the whole family naturally involved." - Frank McAleer [25:34] - "I call empathy the one trait that clients want from financial advisors the most, but you'd never see it. But when you provide it, clients relate and the best way is to tell your own personal stories." - Frank McAleer
Links
Frank McAleer on LinkedIn
Raymond James
Joseph F. Coughlin
MIT AgeLab
PinnacleCare
Medicare
Steve Gresham
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This episode marks the one-year anniversary of the WealthTech on Deck Podcast. Taking a look back at the last 50 episodes, Matt Nollman, VP of Marketing at LifeYield takes the lead and interviews regular host, EVP & Chief Growth Officer at LifeYield, Jack Sharry. Jack is a leading industry voice on wealthtech, UMH, and the future of financial advice. His mission is to help investors, financial advisors, and firms achieve improved financial outcomes. Matt leads LifeYield’s marketing team, strategy and digital experience, as well as producing the WealthTech on Deck podcast. Jack and Matt talk about some of the best themes, most popular episodes, and lessons learned over the last year.
Key Takeaways
[01:46] - Jack's key takeaways from hosting WealthTech on Deck over the past year.
[02:56] - Some of the big themes that stood out across the last 50 episodes.
[04:35] - A list of episodes on growth and creating disruptions in the retirement industry.
[06:23] - How Morgan Stanley's strategy is unique in the marketplace.
[08:35] - Technology as a critical component of portfolio integration.
[10:58] - What the future holds for Unified Managed Households (UHM).
[14:02] - The history of the wealth management industry.
[19:49] - The impact Jasmine Jirele, Heather Kelly, and David Lau had on the financial services industry.
[24:08] - How the team at Lifeyield is integral to the wealth management space.
[28:10] - Future guests you won't want to miss.
[29:38] - Things Jack enjoys outside of work.
Quotes [03:02] - "The biggest theme and the most listened to episodes are all around the strategy, design, and execution of what I'm now calling comprehensive advice platforms." - Jack Sharry [12:00] - “Around retirement income, you have to think about RMDs, social security, Roth conversion, taxes, and risk. We've got growing inflation, and interest rates are rising. How are you going to handle all of that? Doing a lot of work on this topic across the industry is how we consider all the variables, all the things we have to think about to maximize retirement income." - Jack Sharry [25:50] - "Essentially, what we're really doing is we see a lot and we can see what the trends are, what the challenges are, and what the issues are. And what we're involved with is creating a new category. As we're doing that, we want to share what we're learning because the reason a lot of people listen to this podcast is to find out what other people are doing." - Jack Sharry
Links
Matt Nollman on LinkedIn
Edmund F. Murphy II
Empower Retirement
Personal Capital
Fidelity Investments
Aaron Schumm
Vestwell
Yaqub Ahmed
Harshendu Bindal
Franklin Templeton
James Gorman
Morgan Stanley
Solium Capital (now Shareworks by Morgan Stanley)
Eaton Vance
Rose Palazzo
Eric Lordi
Benjamin Huneke
BlackRock Aladdin
E-TRADE Financial
Nicole Casperson
Michael Liersch
Wells Fargo
Jessica Liberi
eMoney Advisor
Len Reinhart
John Connors
John Thiel
Merrill Lynch
Jasmine Jirele
Allianz Life
Heather Kelly
David Lau
DPL Financial Partners
Mark Hoffman
Martin Cowley
Harry Bartle
Steve Zuschin
Jeff Quigley
Alyson Dorosky
Mary Beth Franklin
InvestmentNews
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Jack Sharry on LinkedIn
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As more and more baby boomers are approaching retirement, advisors are encountering a unique set of challenges, including funds for retirement. With inflation and taxes on the rise, what can financial advisors do to maximize retirement income? In today’s episode, Jack talks with Steve Zuschin, Executive Vice President of Enterprise Technology Adoption at LifeYield. Steve has more than a decade of experience in financial services, advisor technology, and sales. He is an expert in sales leadership and business development and has demonstrated a history of success in fintech and financial services. At Lifeyield, Steve works closely with clients to help them build comprehensive advice platforms. Steve talks with Jack about LifeYield’s comprehensive retirement income program, what to do about taxes, and how to maximize retirement income.
Key Takeaways
[01:34] - Steve’s role in fintech and the financial services industry.
[04:47] - How taxes impact retirement goals.
[06:05] - How LifeYield's retirement income sourcing works.
[10:48] - How can all the facets of financial planning be tied together?
[13:31] - What advisors have to say about LifeYield's retirement strategies.
[16:02] - How dynamic algorithms play a crucial role in retirement planning.
[18:40] - Steve's three major takeaways.
Quotes [04:57] - "Tax is the number one offender when it comes to expenses and retirement. But it's also a huge drag on reaching retirement goals to begin with." - Steve Zuschin [05:59] - "Every decision we make in financial service, every recommendation we make has a tax consequence, whether we want to own that or not." - Steve Zuschin [18:56] - "Taxes are the number one expense. It's the largest expense that people incur when they're in retirement and most of them are paying unnecessary taxes. So, there's a huge opportunity to improve outcomes for them and ourselves." - Steve Zuschin
Links
Steve Zuschin on LinkedIn
Martin Cowley
Ernst & Young
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Saving money is something that should start early in life, but it's never too late to get started. Saving can be difficult at times, but there are ways to make it easier. In this episode, Jack talks to Aaron Schumm, Founder and CEO of Vestwell. Aaron brings nearly 20 years of fintech and finserv experience from industry-leading companies. He founded Vestwell in 2016 to close the American savings gap by modernizing the way individuals and small businesses save. Prior to Vestwell, Aaron co-founded FolioDynamix, which is now part of Envestnet. Aaron talks with Jack about his approach to guiding people toward financial wellness, how Vestwell serves its clients, and how savers can step up their saving strategies.
Key Takeaways
[01:10] - How Vestwell serves its clients.
[02:16] - What sets Vestwell apart from other wealth management platforms.
[04:27] - How Vestwell fits into Morgan Stanley's ecosystem.
[06:36] - Why the convergence of wealth management and retirement is becoming a trend.
[09:23] - How savers can step up their saving strategies.
[13:14] - The role Solium Capital plays at Morgan Stanley.
[15:04] - How Vestwell plays a role in the future of saving and wealth management.
[19:11] - Aaron's approach to guiding people toward financial wellness.
[20:17] - The evolution of Aaron's career in wealth management.
[23:01] - Aaron's three key takeaways.
Quotes [15:27] - "Everyone needs to save. Especially in today's world, with expenses rising, cost of living rising, and not saving enough, you need to start stepping in early. And there's no better way to do that than starting in the workplace and then carrying beyond." - Aaron Schumm [16:02] - "We have too many people that are just undersaved and we have to do something. And the private market isn't able to engage at the pace we want right now." - Aaron Schumm [24:28] - "There's really cost-effective ways in designing savings plans that aren't expensive and there's a lot of tax credits and whatnot. I think it's really a responsibility for everyone to start and make sure that they're setting themselves up and their employees' success in the future." - Aaron Schumm
Links
Aaron Schumm on LinkedIn
Vestwell
Empower Retirement
JP Morgan
Great-West Investments
Fidelity Investments
Prudential Financial
Morgan Stanley
Solium Capital (now Shareworks by Morgan Stanley)
Northern Trust
InvestCloud
FolioDynamix
Envestnet
Connect with our hosts
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As the population of retirees continues to grow, this puts a lot of stress on the traditional retirement system. Finding better retirement solutions is becoming increasingly important. What can financial advisors and industry leaders do to provide better retirement planning and solutions? In today’s episode, Jack talks with Cheryl Nash, CEO of Financial Supermarket at InvestCloud, an established and trusted leader in wealth technology, and Steve Gresham, CEO of The Execution Project, a wealth management consulting firm that helps companies create better wealth management and retirement solutions. Cheryl and Steve are true industry leaders. Cheryl grew up in the wealth management industry and has held roles in nearly every functional area. Steve is a leader in understanding trends facing the wealth management industry. His focus is on improving retirement solutions for a wave of retiring clients. Cheryl and Steve talk with Jack about the project they have been working on together, The Next Chapter Leadership and Action Initiative. They also discuss the role of technology in retirement planning, what industry leaders and top financial advisors do differently to provide retirement solutions, and how investors are becoming more concerned about their retirement income.
Key Takeaways
[01:36] - What Next Chapter is all about.
[08:28] - What industry leaders and top financial advisors do differently.
[10:35] - The role of technology in retirement planning and solutions.
[14:20] - How investors are becoming more concerned about their retirement income.
[18:00] - Why digital platforms need to be simplified.
[23:21] - What to look forward to at the Next Chapter conference.
Quotes "We've talked about goals-based planning for years. Everybody wants a goal. Everybody has a retirement goal. So, now that we're at a point where 10, 000 people are retiring every day, we've got to figure this out. And technology has to be the enabler and you've got to get working with the right people." - Cheryl Nash “We’re trying [to create] a frictionless solution for the clients, and help them actually achieve that retirement that they're on the cusp of, but then also support advisors.” - Steve Gresham
Links
Cheryl Nash on LinkedIn
Steve Gresham on LinkedIn
The Execution Project
InvestCloud
Money Management Institute
Financial Advisor Magazine
Next Chapter Conference
Financial Advisor Magazine
Merrill Lynch
Next Chapter on LinkedIn
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Data is the lifeblood of business. It’s what drives decisions, helps optimize operations, and fuels innovation. Businesses need to have a good understanding of their customer base, as well as their industry as a whole. The world is moving forward, and with it comes new opportunities for businesses to thrive. How can financial firms and advisors harness the power of data to accelerate their growth? In today’s episode, Jack talks with Adrian Johnstone, Co-Founder and President of Practifi, an enterprise-grade business management platform that helps RIAs, family offices, and broker-dealers grow their businesses by unifying data from all sources, automating workflows, and integrating solutions. For more than 20 years, Adrian has helped businesses of all sizes leverage technology for growth. He is responsible for the vision of Practifi, its partner ecosystem, go-to-market strategy, and global direction. A regular presenter at industry events in Australia and United States, Adrian offers deep insight into the technological needs of advisors. Jack talks with Adrian about what Practifi has to offer advisors and wealth institutions, how it contributes to clients' growth, and how it fits into the future of CRM.
Key Takeaways
[01:03] - How Practifi was founded.
[02:08] - What sets Practifi apart from other CRM platforms.
[04:01] - What Practifi has to offer advisors and wealth institutions.
[08:28] - Why a “one platform mentality” is the least desirable when using CRM platforms.
[11:46] - Practifi's data integration process.
[14:11] - How Practifi contributes to clients' growth.
[16:14] - The challenges associated with helping people grow their businesses.
[18:17] - What CRM should look like in the future.
[19:46] - How Practifi plays a role in the future of CRM.
[20:35] - Adrian's three key takeaways.
Quotes [02:56] - "From our perspective, we knew that Salesforce was really the platform that people wanted, but not everyone had the wherewithal nor the desire to go and make that upfront and ongoing investment in customization." - Adrian Johnstone [20:30] - "There is a huge amount more that your technology can and should be doing for you. Don't be afraid to change. You need to understand that it's a big deal. You've got to be prepared to lean in." - Adrian Johnstone [20:56] - "It's no longer good enough to accept that you have a lot of disconnected pockets of technology. If you are working with vendors who won't integrate, it's time to move. They're inhibiting your growth. You wouldn't put up with that in any other aspect of your life. You shouldn't put up with it in your corporate technology." - Adrian Johnstone [21:19] - "Don't turn yourself into a technology business. Great wealth management firms aren't technology companies. Don't get yourself into the trap where you are buying one of these base platforms, whether Microsoft or Salesforce, then all of a sudden you're hiring developers and having to make that investment to make exactly as you want it. " - Adrian Johnstone
Links
Adrian Johnstone on LinkedIn
Practifi
Salesforce
Orion Advisor Solutions
Addepar
Tableau
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Jack Sharry on Twitter
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Marketing is all about connecting with your audience in a way that resonates with them. One of the best ways to do this is by being authentic and vulnerable. People can see through a false persona. They do not want to see or hear perfect marketing, they want to see and hear real people. How can businesses leverage these qualities to connect with their customers in a meaningful way? In today’s episode, Jack talks with Megan Carpenter, CEO and Co-Founder of FiComm Partners, named to InvestmentNews' 2020 40 Under 40 List, and a sought-after speaker at a wide range of financial services industry events. Under Megan's leadership, FiComm is today a multi-million-dollar business that partners with its wealth management clients to differentiate their businesses and firms through telling meaningful stories. With more than 15 years of financial services experience, she is one of the drivers behind the industry's conversation around modernizing advisor communications. Megan is recognized for her exceptional accomplishments, leadership, and contributions within the financial services industry. Megan talks with Jack about how FiComm helps clients grow their businesses, why authenticity, vulnerability, and humanity are important in marketing, and how the concept of “New Skool” challenges the traditional ways of doing things in the finance world.
Key Takeaways
[03:02] - How Megan juggles motherhood and business ownership.
[05:01] - The role FiComm plays in helping clients grow their businesses.
[07:53] - What New Skool means to FiComm.
[10:55] - How authenticity is manifested in marketing.
[14:10] - What authenticity means to consumers.
[18:10] - How “impact” outranks “reach” in marketing.
[19:40] - How FiComm and its clients have grown tremendously over time.
[23:55] - What makes a good marketing playbook.
[25:26] - Megan's three takeaways.
[26:51] - Some interesting things about Megan.
Quotes [08:09] - "The best way to have marketing success is to create really authentic content that resonates with the people that you want it to resonate with. So New Skool is about bringing vulnerability and authenticity to an otherwise very old school industry." - Megan Carpenter [16:15] - "I think there are a lot of marketing professionals in our space that want to make (content) feel more complicated. I think marketing is very intuitive and isn't really that difficult when you just break it down." - Megan Carpenter [18:48] - "I could care less if a thousand of the wrong people are watching a video that I produced. I'd much rather have one of the right person. It's about reach versus impact. It's about being in conversation with people instead of just broadcasting information. It's about developing relationships instead of t trying to demonstrate credibility." - Megan Carpenter
Links
Megan Carpenter on LinkedIn
FiComm Partners
AmpliFi | FiComm
Brené Brown
Glennon Doyle
Capital Group
Koko Archibong
Private Client Services | Capital Group
The First Nationa Bank in Sioux Falls
Common Cents on the Prairie
Adam Cox
Orion Advisor Solutions
The New Skool Podcast
Connect with our hosts
LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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There are many things that go into a successful financial planning firm. One of the most important is marketing. Financial planners are good at connecting with people and helping them achieve their financial goals, but they're usually not great at marketing themselves. When marketing becomes a barrier to growing a financial advisory business, how can financial planners stand out, gain more clients, and scale their companies? In today’s episode, Jack talks with Robert Sofia, Founder, Chairman, and CEO of Snappy Kraken, a company that helps financial advisors personalize, automate, and track marketing campaigns and business processes. During the past decade, Robert has supported thousands of companies across the spectrum of financial services. At Snappy Kraken, he is responsible for the company's overall strategic direction. Robert talks with Jack about the key factors that drive growth, how to build a brand that stands out in the marketplace, and what financial advisors really need to build meaningful relationships and grow their businesses.
Key Takeaways
[1:06] - What motivated Robert to establish a marketing firm for financial advisors.
[3:03] - How Snappy Kraken enables advisors to create meaningful relationships.
[6:55] - What it means to “market like the greatest brands in the world”.
[9:08] - What it takes to build a strong brand.
[12:35] - How to stand out in the marketplace.
[18:23] - How Robert helps companies focus on what really matters.
[21:45] - The key factors that drive growth.
[25:10] - Robert's three key takeaways.
[26:54] - What interests Robert outside of his professional career.
Quotes [1:25] - "The financial advice industry was really behind on marketing. And financial planners, they're amazing at connecting with people. They're amazing at all the financial planning components, but they're usually not great at marketing." - Robert Sofia [3:22] - "A lot of people talk about digital marketing tactics and strategies. I don't think that's what advisors need to hear. I don't think that's what the enterprises that support advisors need to talk about. I think what advisors really need, is they need help with scaling meaningful relationships." - Robert Sofia [7:16] - "Branding is very powerful. When you get to the point where you are known and identified for something and recognized as a leader, it starts to have a compounding effect. It really attracts all kinds of opportunities to you." - Robert Sofia [25:10] - "If you really want to get results from your marketing, start getting comfortable with being uncomfortable. If it makes you really comfortable, it's probably not good enough, it's probably not bold enough, it's probably not edgy enough, and it's probably not going to work." - Robert Sofia
Links
Robert Sofia on LinkedIn
Robert Sofia on Twitter
Snappy Kraken
Adobe
Adam Morgan
Blend Out: From Ordinary To Irresistible: How Advisors Can Market Like The Greatest Brands In the World
Sorry Spock, Emotions Drive Business: Proving the Value of Creative Ideas With Science
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LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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When it comes to providing financial services, it is important to remember that one size does not fit all. Not only is this important for the advisor-client relationship, but it can also lead to increased business and better outcomes for clients. As the marketplace changes, how can tax-smart investment strategies help both advisors and their clients achieve their financial goals? How can companies stay ahead of the curve when it comes to implementing effective tax strategies into their operations? In today’s episode, Jack talks with Paul Gamble, CEO at 55ip, a tax-smart investment strategy engine that dramatically improves financial advisors’ efficiency and effectiveness. With more than 25 years of experience in advisory services, financial technology, investment management, and retirement, Paul has served in various leadership roles with some of the leading asset and wealth management companies. Paul talks with Jack about how 55ip enables financial advisors to deliver tailored services to clients, why tax management is becoming more important in today’s changing marketplace, and what advisors can do to deliver greater value to clients in the future.
Key Takeaways
[01:06] - What 55ip is all about.
[04:33] - How 55ip fits into the business framework of JP Morgan.
[05:48] - What “tax-smart” means to 55ip.
[08:43] - How the company works with both wealth managers and asset managers.
[11:17] - Where the wealthtech industry is heading.
[16:33] - What advisors can do to deliver more value in the future.
[19:04] - What makes “making the complex simple” possible.
[20:46] - The key to providing better solutions to clients.
[26:31] - Paul's three main takeaways.
Quotes [4:05] - "Technology can really help wealth management enterprises and financial advisors take advantage of the technology trends and a different way of building relationships with clients." - Paul Gamble [12:09] - "I really view the push for customization as really powerful because advisors want customization that keeps them in control related to the things they think are important to them from an investment standpoint, like asset allocation manager and diversity in other areas. From a client perspective, taxes may be the most personal thing that they have from tax rates to the tax budget investors are willing to pay." - Paul Gamble [19:48] - “In running a fintech company, the key is making sure that you're constantly getting feedback from the key personas that you're trying to deliver your products to, making sure you're doing user testing qualitatively and quantitatively and getting that feedback." - Paul Gamble [21:07] - "Advisors need to feel that the portfolios they are delivering are theirs. Whether they're leveraging a third-party asset manager or a home office, they have a say and they can put their thumbprint on it, they can explain them, and they can demonstrate their value in terms of outcomes." - Paul Gamble
Links
Paul Gamble on LinkedIn
55ip
55ip | BlackRock Model Portfolios
Tax-Managed Solutions | JP Morgan Asset Management
Fidelity Investments
WisdomTree
Charles Schwab
TD Ameritrade
Baird
Morgan Stanley
Eaton Vance
Parametric | Eaton Vance
Janney Montgomery Scott
Ben Huneke
James Gorman
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Jack Sharry on LinkedIn
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Risk occurs everywhere in the world of finance, it’s inevitable. As the global business and economic market continue to evolve, so do the risks. With businesses moving forward, how can technology integration in the wealth management industry help mitigate risks? In today’s episode, Jack talks with Tricia Rothschild, Vice-Chair at the CFA Institute Board of Governors, Board member at Riskalyze, and Advisory Board Member at The TIFIN Group and the Financial Fitness Group. Over the course of her career, Tricia was an executive at Morningstar in charge of the global software, data, index, and investment research businesses, serving individual investors, financial advisors, and asset managers. In her last role, she was the Chief Product Officer and Co-Head of Global Markets. In her 26 years with Morningstar, Tricia has built a strong leadership team and an innovative business with an enduring impact on investor success. Jack speaks with Tricia about the risks associated with retail investing, how technology enables asset managers to better understand their clients, and what the future holds for wealth advisory services.
Key Takeaways
[01:31] - Tricia's life's work and what she's passionate about.
[03:12] - The complexity of coordinating plans and investment strategies.
[07:07] - Tricia’s broad interests.
[09:45] - The risks associated with retail investing.
[12:43] - How Tricia addresses risks.
[15:20] - The TIFIN Group’s role in the wealth management industry.
[20:00] - Where the wealth advisory sector is headed.
[23:59] - How technology allows asset managers to better understand their clients.
[25:56] - Tricia's top three takeaways from the wealth management industry.
[27:28] - Tricia’s passions and interests outside of work.
Quotes [11:41] - "I think there is enough advancement at this point in terms of how AI can be applied to understand past behavior, project what is likely the next step, and provide a better kind of foreshadowing or pathway that would help people alleviate or mitigate some of those risks." - Tricia Rothschild [20:08] - "There is a need for people to have the precision that each individual family situation requires and deserves. I think the industry is moving toward an increased level of personalization." - Tricia Rothschild [24:17] - "Asset managers need to have a better understanding of the end-user. They became a little distanced from their customer. This investment in technology allows them to more effectively serve the user." - Tricia Rothschild
Links
Tricia Rothschild on LinkedIn
Morningstar
Apex Fintech Solutions
CFA Institute
The TIFIN Group
Aaron Klein
Morningstar: Goal Bridge
55ip
JP Morgan
JP Morgan 55ip
Jenny Johnson
Franklin Templeton
BlackRock
Riley Etheridge
Capital Group | American Funds
Franklin Templeton: Tango
Franklin Templeton: Bambu
Walmart
Brian Ross
Damon Deru
AdvisorPeak
Addepar
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Jack Sharry on LinkedIn
Jack Sharry on Twitter
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Rebalancing is one of the most important tasks performed by financial advisors. But in an increasingly complex world where markets are moving faster, clients are not the only ones who need guidance. Advisors need solutions to overcome roadblocks that impede their ability to provide the best service to their clients. With the right technology, advisory firms are able to reduce the time needed to rebalance portfolios, as well as manage tax and risk more effectively. In today’s episode, Jack talks with Damon Deru, CEO and Founder at AdvisorPeak and Senior Product Director at Addepar. Damon started his career as a registered investment advisor where he manually rebalanced and traded hundreds of clients’ portfolios using Excel spreadsheets. Frustrated by the lack of affordable and intuitive options in the market, it was in this role where the idea of a customizable robust portfolio rebalancing system was born. Damon relinquished his role as an investment advisor to focus his efforts on building the most innovative rebalancing software for the financial services industry. Damon talks with Jack about the evolution of AdvisorPeak, how rebalancing software can be a powerful tool for managing client portfolios, and why it is highly beneficial to the firm, their advisors, and their clients.
Key Takeaways
[01:17] - What inspired Damon to create AdvisorPeak.
[04:10] - The reasons for Addepar's acquisition of AdvisorPeak.
[05:35] - What separates AdvisorPeak from other rebalancing software providers.
[7:46] - The complexity of managing portfolios.
[10:52] - How the partnership between LifeYield and AdvisorPeak can benefit advisors.
[14:41] - Managing portfolios in a tax-smart and risk-smart way.
[16:16] - Asset allocation vs tax-loss harvesting.
[17:40] - Where the world is going for AdvisoryPeak.
[20:54 ] - Damon’s key takeaways.
[23:00] - Interesting things Damon does outside his job.
Quotes [9:14] - "This is something the software does very well. Once you build in all the rules and the analysis, it can calculate all the information very quickly. A click of a button can rebalance hundreds or thousands of accounts in a matter of a few minutes." - Damon Deru [21:31] - "If you're not using rebalancing software, you're also probably not looking at things from a unified managed household perspective as well. This is real-world savings that you can bring to your clients by looking at things on a household basis and trading tax efficiently." - Damon Deru
Links
Damon Deru on LinkedIn
AdvisorPeak
Addepar
iRebal Portfolio Rebalancing
TD Ameritrade
Envestnet |Tamarac
RedBlack Software
Utah Valley University
BlackRock Alladin
Riskalyze
Brian Ross
FIX Flyer’s
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Technological disruptions have revolutionized the way financial institutions serve their clients. Integrating technology into financial systems not only strengthens product, but also creates a seamless ecosystem across the wealth management spectrum. In today’s episode, Jack talks with Ben Huneke, Managing Director and Head of the Investments Solutions Group at Morgan Stanley Wealth Management. Ben is the senior executive in charge of all of Morgan Stanley's retail products and platforms for their wealth management business. As the Head of the Investments Solutions Group, he is responsible for the development, marketing, and distribution of investment products. These include annuities and insurance, mutual funds, ETFs, hedge funds, private debt, equity, real estate funds, as well as individual equities, fixed income, and structured products. Ben and Jack discuss product technology platforms, how technology is the key driver to delivering value in the advisory business, and why finding partners with specialized capabilities is the best way to grow a business.
Key Takeaways
[00:57] - Ben's role at Morgan Stanley.
[03:25] - How Ben capitalizes on existing client relationships to grow their business.
[05:11] - Why technology is the key to managing various aspects of the wealth management industry.
[06:46] - How advisors can keep up with the rapid advancement of technology in the industry.
[11:20] - How tax and risk are addressed when investing across multiple accounts.
[14:14] - What it takes to develop multiple electronic trading platforms.
[16:13] - The power of finding the best partners in the finance and investing industry.
[19:57] - What's next for Morgan Stanley Wealth Management.
Quotes [05:55] - "We believe that financial advice is valuable and is going to continue to be valuable. But we believe that technology is going to be an increasingly important part of how that advice is delivered to clients." - Ben Huneke [22:47] - "Technology hates inefficiency. So I think there are technologies coming that are going to disrupt a lot of the inefficiencies in this market." - Ben Huneke [23:15] - "We believe that human advice to wealthy clients is actually valuable and that clients will continue to pay for that advice. We look at technology as a great enabler and a great way to continue to deliver value through advice." - Ben Huneke
Links
Ben Huneke on LinkedIn
Morgan Stanley Wealth Management
BlackRock Aladdin
E-TRADE Financial
Solium Capital (now Shareworks by Morgan Stanley)
Eaton Vance
Stockland
John Moninger
Empower Retirement
InvestWell
New York Common Pantry
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In today’s episode, Jack talks with David Lau, Founder and CEO of DPL Financial Partners. David has been a pioneer in creating products, platforms, and distribution systems that help RIAs implement appropriate annuity products into household portfolios. David’s wealth of experience goes all the way back to his first job as CMO at Telebank, the first internet bank. David talks with Jack about the impact of telemarketing on RIAs, fee-based vs. commission-based structures, and the integration of low-cost insurance and annuity products in portfolios.
Key Takeaways
[01:40] - How David has been a pioneer in disrupting distribution costs.
[05:27] - How the cost structure of commission-free annuities works.
[08:32] - How DPL drove significant change in the industry.
[10:40] - Why you must adapt your strategy to the particulars of the market.
[14:16] - How DPL took downturns and translated them into advances in the platform.
[16:12] - Why “concierge service” is great for the RIAs.
[19:52] - How annuities impact the four major categories of insurance.
[23:22] - David’s insights on a fee-based and commission-based structure.
[27:19] - How risk mitigation works within portfolios.
Quotes [03:06] - “The question around annuities was, how do you deliver value? You look at the way annuities are sold and they're so expensive. You're paying massive commissions and you have very high internal distribution costs in terms of wholesaling. The model for distributing annuities is archaic.” - David Lau [12:12] - “RIAs are never going to have some wholesaler from some insurance company coming into their office every month. There's just no point in it. So I very quickly said we need to change this model to kind of a marketing-driven model. We'll drive awareness through marketing, we'll centralize wholesaling. We’ll have a centralized wholesaling force that basically deals with RIAs through the telephone. It made sense for us, but it also made sense for the market” - David Lau [21:17] - “DPL was designed to be a fee-based, no-load, commission-free insurance marketplace. For the RIA, the notion is now that you’re more than just an asset manager, you’re a wealth manager, and you’re addressing this broad spectrum of your client’s financial life. It’s hard to do that if you can’t use insurance.” - David Lau
Links
David Lau on LinkedIn
DPL Financial Partners
Telebank
E-trade
Charles Schwab
Salesforce
CNO Financial Group (formerly Conseco, Inc.)
Nationwide Advisory Solutions (formerly Jefferson National Life Insurance Company)
BlackRock
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The choices people make about their financial future are some of the most important decisions in their lives. Knowledge and experience affect decision-making, but so do emotional and cognitive biases. How can people overcome their biases and achieve their financial objectives? In today’s episode, Jack talks with Jess Liberi, Head of Product at eMoney Advisor, and Michael Liersch, Head of Advice & Planning at Wells Fargo. As the Head of Advice & Planning at Wells Fargo, Michael is responsible for the delivery of all comprehensive planning services and sales strategies for clients of Wells Fargo Private Bank and Abbot Downing. In her role as Head of Product, Jess brings eMoney Advisor’s product vision and strategy to life. She focuses on the evolution and development of eMoney’s robust portfolio of products, creating a powerful user experience across the platform. Working closely with financial advisors and advisory firms, Jess immerses herself in their world to fully understand their needs. Jack talks with Jess and Michael about how the partnership between eMoney and Wells Fargo can deliver huge value to clients, why having a deeper human connection can help advisors understand what clients are trying to achieve, and what the next best step is to put financial advice into action.
Key Takeaways
[01:03] - Jess's role at eMoney and Michael's role at Wells Fargo.
[02:22] - How eMoney fits into Wells Fargo’s comprehensive plan.
[06:30] - The role of eMoney in the wealth system.
[10:41] - How understanding the behavioral aspects of human beings is crucial to setting financial goals.
[16:47] - How advisors can contribute to having a sense of financial peace of mind.
[18:54] - Why human perspective plays a major role in financial planning.
[24:19] - The challenge of getting people to realize their financial future.
Quotes [06:48] - "What has been really unique from the beginning is how closely aligned our two organizations are on our views of the value of planning and the criticality of access to planning to more and more people." - Jess Liberi [18:54] - "I think the first thing that we all need to acknowledge is that to understand the human being, you need to understand their identity and their past because that's idiosyncratic to each human being. That's not a common answer and the question means something different to everybody." - Michael Liersch [24:22] - "It's oftentimes difficult for people to truly comprehend the small changes that they can make today with substantial impact to their financial future tomorrow. So to the extent that we can help bridge that gap and kind of draw that line and connect today and actions that they take today, to the future, and the possibilities of the future, we've got work to do there, but making headway." - Jess Liberi
Links
Jessica Liberi on LinkedIn
Michael Liersch on LinkedIn
E-Money
Wells Fargo
Plaid
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Risk has always been a part of financial advice and strategy. But what does it really entail, both for advisors and for their clients? In today’s episode, Jack talks with Aaron Klein, Co-Founder & CEO of Riskalyze. Aaron is an innovator in helping advisors and clients understand and manage risk. He started Riskalyze a decade ago with a small team and invented risk solutions like the Risk Number and the Risk Alignment Platform. Aaron talks with Jack about the evolution of risk solutions, the impact of focused innovation on financial advisors, and the future of a multi-platform world.
Key Takeaways
[01:05] - How Aaron learned “grit” in business.
[03:12] - The Riskalyze origin story.
[11:36] - How the HG Capital and Riskalyze partnership came to be.
[15:07] - How Riskalyze became a risk-centered wealth platform.
[18:01] - What a multi-platform future looks like.
[20:36] - Why focus is so important.
[24:57] - Aaron’s three key takeaways.
Quotes [05:52] - "It took off like a rocket when Riskalyze came out of beta in March of 2013. And here we are 10 years later. We get to serve tens of thousands of financial advisors across the country, and we've delivered over five billion risk numbers to their clients. It's really incredible." - Aaron Klein [14:54] - "We started from the standpoint of, how can we help advisors better engage with clients at the front end of their process? And we just happened to believe that risk was the right way to engage with clients, that it was the right lens to help clients understand what they were doing and make better decisions that were fearless decisions instead of fearful decisions." - Aaron Klein [17:13] - "What we are building is a bit of an advisor desktop platform. We really believe in a multi-platform vision. We want to make sure it's really easy for advisors to engage with clients and leverage those tools, and then implement those solutions for clients directly onto the different platforms that they might be on." - Aaron Klein
Links
Aaron Klein on LinkedIn
Riskalyze
E-trade
The New York Times
Barrons
NPR
Josh Brown
Pershing INSITE Conference
Brian MacLaughlin
FTV Capital
HG Capital
Black Diamond Capital Management
Envestnet
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Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Christina Townsend, Managing Director and Head of Relationship Management, Consulting, and Platform Strategy at BNY Mellon’s Pershing. Christina coaches RIA firms on how to make smart technology decisions and how to devise strategies to strengthen their relationships with investors. For more than two decades with Pershing, Christina was able to work directly with clients and was responsible for product management and implementation. Christina talks with Jack about choosing what goes best in your tech stack, balancing the roles of people and tech in business, and the future of wealthtech. “The balance between people and technology is different and it doesn't have to be the same. You have to look at where your value proposition is and what you want to differentiate and then apply the people in the technology.” ~ Christina Townsend
Main Takeaways
Be eager to find the right pieces that fit in your tech stack. Each one must work well with the others. If there still exists an outdated tool, for example, you're not fully utilizing its impact on your operations.
People + tech is the future. If we want to practice holistic financial advice, firms must focus on honing talents while consolidating tech tools.
We can create more value in every interaction with tech. After gaining some clarity on the clients' needs, it is then easy to utilize the tools to arrive at the best solutions.
Go digital. However, before doing so, make sure tools are properly integrated into the existing system.
Links
Christina Townsend on LinkedIn
Pershing
BNY Mellon
Bates College
Donaldson, Lufkin & Jenrette
WealthTech on Deck 028: Creating a Frictionless Investor Experience with Noreen Beaman
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In this episode, Jack continues his conversation with Jasmine Jirele, President and CEO of Allianz Life Insurance Company of North America. A primary component of Jasmine’s approach to her newly appointed CEO role is her focus on building great teams. Having a cross-functional background, she’s seen the benefit of having the right people in the right roles to leverage opportunities appropriately. Jasmine has also pushed forward initiatives to ensure that the right technology is in place to support her teams and clients. Jasmine talks with Jack about the hiring process, establishing strong relationships with distribution partners, and how to work with changing regulations and markets to differentiate from competitors. “Having the right talent is absolutely critical. Making sure that you're continuously out there learning and pushing your team to make the best use of the technology and the platforms that are out there and then being really agile and flexible to adapt and adjust.” ~ Jasmine Jirele
Main Takeaways
Hiring experts and talent who have a really good grasp of various technologies is key to success. Always being on the same page with the distribution partners, knowing where they are headed, can help you procure the best one for your firm.
Create and tweak products according to how regulatory and marketplace environments change to solidify your position. In addition, effective product innovation can ensure the delivery of a superior experience for advisors and consumers.
Being a connector is a critical component of making innovation work. The industry is only as powerful as the sum of its parts and connecting technology across platforms and companies enables the entire industry to move forward and add value.
Links
Jasmine Jirele on LinkedIn
Allianz Life Insurance Company of North America
Wells Fargo
Salesforce
Riskalyze
Chad Virgin
Heather Kelly
Joe Duran
Corey Walter
James Gorman
Emily Reitan
Washburn Center for Children
Connect with our hosts
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In this episode, Jack talks with Jasmine Jirele, President and CEO of Allianz Life Insurance Company of North America. As the head of one of the most successful insurance companies in the country, Jasmine brings a fresh take to the CEO role as she brings the company into its next phase. Jasmine committed much of her career to financial services and eventually landed her dream job as the Chief Growth Officer at Allianz where she was able to coordinate projects within operations, marketing, and product. Jasmine talks with Jack about the process of incorporating product and distribution relationships with tech, and the impact of the pandemic and accelerated innovation on the industry’s future. “Being very deliberate and focused on building all of the enabling capabilities to help us grow - it’s not just product or just distribution - it’s also really important to have a very strong customer experience and to make sure that the digital tools and processes are there to enable our advisors to really serve their clients in ways that are user-friendly and meet their clients’ needs.” ~ Jasmine Jirele
Main Takeaways
Registered Index-Linked Annuities (RILA) have been growing rapidly as some of the assets have been shifting away from traditional variable products.
The three-legged stool of client needs includes strength in product innovation, depth of distribution relationship, and having a technology-enabled experience that can differentiate an organization.
Having the right technology in place is a big factor in strengthening the advisor-customer relationship. Make sure your products are integrated into financial planning tools and platforms and that distribution partners are leveraging tech to manage products and secure product approvals.
Links
Jasmine Jirele on LinkedIn
Allianz Life Insurance Company of North America
Wells Fargo
Salesforce
Riskalyze
Chad Virgin
Heather Kelly
Joe Duran
Corey Walter
James Gorman
Emily Reitan
Washburn Center for Children
Connect with our hosts
LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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This time of year often calls for reflection. As we look back on 2021 and to the year ahead, we’re flipping the script and handing LifeYield’s VP of Marketing Matt Nollman the reins. Today, Matt interviews our regular host Jack Sharry as well as guest Mark Hoffman, CEO and Founder of LifeYield. Due to the pandemic and a rapidly shifting demographic, firms have had to react quickly to meet new and rising client demands. At the forefront of those rising demands, LifeYield has learned quite a bit about navigating the new financial ecosystem and adding value where it counts. In this episode, Matt talks with Jack and Mark about the three themes of 2021 that touched every conversation and initiative at LifeYield, the approach they’ve taken to address those key demands, and the technology LifeYield has leveraged and developed to push client firms over the finish line. From an unprecedented retirement boom to excitement over client engagement and the ever-popular UMH, here’s a look back at 2021 and a sneak peek at LifeYield’s ambitious goals for 2022.
Key Takeaways
[03:02] - Why more are retiring every year and what that means for firms.
[05:39] - How Social Security+ helps advisors manage the retirement boom.
[09:38] - Why UMH is so important.
[11:31] - The key to helping people maximize their paychecks.
[13:18] - How LifeYield uses APIs to tackle clients’ biggest pain points.
[17:06] - The importance of increasing client engagement.
[23:57] - Why income sourcing has come to the forefront.
[25:44] - Addressing one of the industry’s biggest problems.
[30:07] - Jack and Mark’s favorite Thanksgiving foods and what they’re thankful for this year.
Quotes [14:47] “Saying things and then doing them are two different things. I’m very proud that LifeYield has worked hard to build a firm culture that cares about helping investors and advisors get better outcomes.” - Mark Hoffman [15:19] “That our client firms achieve tangible success using LifeYield software and service, is equally as important as the integrity of the answers our algorithms produce.” - Mark Hoffman [16:23] “The universally managed household concept that Jack has been espousing for years, is universal for all client demographics, as are being worried about taxes. We’re very proud to be serving such a wide swath of industry participants on these features. Our clients and partners include the largest wirehouses, banks, asset managers, insurance companies, custodians, and financial technology firms, and the point is that LifeYield capabilities are relevant and necessary to the full spectrum of industry players.” - Mark Hoffman
Links
Mark Hoffman on LinkedIn
Matt Nollman on LinkedIn
Social Security+
Jeff Quigley
Franklin Templeton
Merrill Lynch
Allianz
Personal Capital
Northwestern Mutual
New York Life
Jackson National
Guardian
Morgan Stanley
Len Reinhart
Wealth Teach on Deck: The Power of UMH with Len Reinhart
Steve Zuschin
Harry Bartle
Tom Prior
Tiburon CEO Summit
Martin Cowley
Alyson Dorosky
SunTrust
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LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Brian Ross, CEO of Flyer Financial Technologies. Brian started as an engineer with JPL and NASA, but has always been interested in fintech. At BlackRock he helped build a software company that specialized in commercial mortgage-backed securities and commercial loans. Now, with Flyer, Brian is focused on building trading technology that brings together major custodians and brokers through APIs. Brian talks with Jack about the three essential approaches to smart trading and how integrating APIs can create powerful trading platforms. “Tech, tech, tech… use it for strategic advantage to help your clients. This can include everything—from the cloud to APIs to personalization. If you’re not doing these things, you will be missing the next train to Clarksville.” ~ @bwilsonross
Main Takeaways
Your trading expertise can reach more people if you consider bundling and offering APIs. APIs and open platforms are not just the future of wealth tech, but also banking and other industries.
Three qualities that pave the way for smart trading are 1) shortening the time from investment decision to implementation, 2) identifying opportunities with liquidity, and 3) avoiding market orders.
Tech leadership is a vital skill that the finance industry needs to better serve clients. The best-of-breed platform can be integrated efficiently and can be used as a strategic advantage in all facets of the business.
With APIs, you can do portfolio trading quickly and handle multiple assets, even in different asset classes. In addition, it's also easier to secure partnerships and get deals with longer terms.
Links
Brian Ross on Twitter
Flyer Financial Technologies
BlackRock
Trepp
Tamarac
Riskalyze
Morningstar
Stripe
LifeYield Social Security+
Orion Advisor Solutions
Morgan Stanley
Aladdin
NASA
Larry Fink
John Mack
Bloomberg
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LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack and co-host Steve Zuschin talk with Rose Palazzo, Group Head at Envestnet | MoneyGuide. As the former Head of Financial Planning at Morgan Stanley, Rose helped develop the leading technology required to make UMH a reality for RIAs and larger firms alike. Her approach to knowing when to buy or build technology and evaluating partners allowed for rapid and effective development. With more than 20 years of experience in the financial services industry, Rose has seen the need for these tools firsthand and has been instrumental in bringing them to fruition. Rose talks with Jack and Steve about executing client objectives through integrations, overcoming challenges associated with UMH, and what she’s looking forward to in her new role at Envestnet | MoneyGuide. “You can evaluate potential partnerships based on the technology or on their capacity to engage in a partnership. But their expertise goes beyond the technology. It goes to, ‘What hurdles did you hit when you tried to get people to use this? And do clients understand it when you put it in front of them?'” ~ Rose Palazzo
Main Takeaways
If your objective is to provide comprehensive advice to clients, that should involve financial planning as well as a way to take action based on the plan and recommendations that come from having integrated data between platforms.
Creating a roadmap is essential for understanding how your firm can get from point A to point B with its tech stack. Equally important is understanding when to buy or to build those tools on the roadmap.
You can evaluate partnerships based on the technology, capacity, and expertise in implementation. It’s important to look beyond the technology itself and make sure your potential partners have met challenges and understand how to overcome them and get a high-quality product out to clients.
Growing assets and drawing them down is complex because most houses have multiple accounts and multiple custodians. To truly move toward UMH, you have to focus on the technology component just as much as the marketing component to make sure you can actually deliver on unification.
Links
Rose Palazzo on LinkedIn
Morgan Stanley
Envestnet | MoneyGuide
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Jack Sharry on LinkedIn
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In this episode, Jack talks with Tricia Haskins, head of technology and platform consulting at Fidelity Investments. Tricia is an influential and thought-provoking leader in the wealth management industry. Her passion to help businesses innovate, scale, and better engage with clients goes beyond the walls of Fidelity. As a keynote speaker, Tricia is well-known for always bringing the industry up to speed on the future of financial services and wealth management. Tricia talks with Jack about the pathway to digital empowerment, how technology can deepen our relationships, and how to grow your business through scale and efficiency. “Firms see where they can add value because the time that was once taken up, the paperwork, and so forth, are now being addressed in a different way and a faster way. They’ll start to see an increase in their client satisfaction, bringing in the next generation of investors. There’s a ton of opportunity for the firms that are focused on integration and digital empowerment.” ~ Tricia Haskins Main Takeaways
Leveraging technology helps advisors deepen relationships with clients by freeing up time to get to know them better and improve the value stack.
Digital integration isn’t a one-size-fits-all approach. Solutions providers need to be informed about a firm’s objectives, goals, and processes so they can create a well-researched adoption strategy.
The technology adoption cycle for firms can be challenging because ongoing training is necessary. Getting everyone on the team comfortable with the digital process is critical.
Three key things to consider to achieve strong digital empowerment: the importance of design, the uniqueness of your firm, and great housekeeping.
Links
Tricia Boffoli-Haskins on LinkedIn
Fidelity Investments
Microsoft Teams
Zoom
Peloton
Pan-Mass Challenge
Dana-Farber Cancer Institute
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LifeYield
Jack Sharry on LinkedIn
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In this episode, Jack talks with Steve Zuschin, Executive Vice President at LifeYield. From years of experience in sales and finance management, Steve has mastered the art of client engagement and has a deep understanding of client needs and wants. Through technology and tools, he and his team at LifeYield create statistics that can help provide the best solutions for clients. Steve talks with Jack about using tools to optimize asset allocation, engaging with clients efficiently for smooth coordination on assets, and getting better social security benefits “Financial wellness is all about creating workflows. It's about leading people down a path, providing the level of information that's appropriate at the time, so you can almost think of it as leaving a trail of breadcrumbs where, maybe I can offer you some value to help you make a better decision or be more informed about when and how you file for social security. And at the same time, if you choose to, you can take it, go implement it and do that on your own.’” ~ Steve Zuschin
Main Takeaways Even with solid aggregation of accounts from different custodians, coordination of information among them isn't necessarily assured. Getting insights from clients’ accounts and assets can create better outcomes (e.g. optimized asset allocation based on risk tolerance, reduced tax drag, etc).
Getting professional financial advice from many trusted advisors might create inefficiency. If this is the case, then the client's advisors must work together to gather valuable data, engage with the client, and achieve optimization in their accounts.
Using statistics from tools can also show if having your assets spread across multiple locations might be costing you. Achieving tax efficiency for two to three decades and maintaining a sustainable withdrawal rate for the client is the goal.
Defined contribution plans are beneficial in promoting financial wellness to the masses. This increases the number of people who push for social security benefits.
Links Steve Zuschin on LinkedIn
Hearts & Wallets
Federal Deposit Insurance Corporation (FDIC)
WealthTech on Deck 029: Cyber Security, Personalization, and the Future of UMH with Nicole Casperson
Formula 1
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Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with returning guest, Steve Gresham. Steve is the CEO of The Executive Project, a consulting firm that provides tools and training for financial advisors. As an industry leader, Steve has spent time in many different roles. Outside the office, he is an ardent advocate for rethinking, reimagining, and restructuring the concept of retirement. Steve has been a long-time proponent of shaking up the industry and inviting more channel collaboration across teams. Steve talks with Jack about lead generation, the importance of taking the next step, best practices for better engagement with clients, and the benefits of using the right tools. “Tool sets allow you to not only provide clients with a more consistent experience—which also drives referrals because they'll say, ‘Well, here's what you can expect and it's painless…’—but it also allows them to have the progression in lead generation and next best action. Those have to be facilitated with tools that are driving off of your database because you'll never be able to do that with Post-it notes and Excel spreadsheets.” ~ @thegreshamco
Main Takeaways Professional advising only thrives when the preference of the clients is at the forefront. Understand the usual factors (e.g., health, taxes, social security, household, etc.) that affect their financial decisions and make sure the client is at the center of everything you learn and adopt.
Three big questions that often surface with clients: How do I pay for my healthcare? Will it give me peace of mind? How do we get access to cash?
You need tech and tools to facilitate every client's concern. These intuitive tools create a platform for easy engagement, self-actualization, and clarity about financial decisions.
Clients often leave their advisor for undependable relationships, lack of proactivity, and inefficient planning.
If advisors aim to generate long-term leads, they should consider grabbing bigger opportunities, including reaching out to the large group of people who are currently edging toward retirement.
Links Steve Gresham on LinkedIn
Steve Gresham on Twitter
The Execution Project
Fidelity
Helping Your Clients Transition Into Retirement and the Importance of Innovation with Steve Gresham | Podcast Episode
Financial Advisor Magazine
Medicare
Allianz Lifetime Income+
How Covid changed our sense of security | A Study by Allianz
LifeYield Social Security+™ for Advisors
Franklin Templeton Investments
Merrill Lynch
Walden Hill Woodworks
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Nicole Casperson, FinTech reporter for InvestmentNews. Nicole is well-known for covering innovation and wealth tech trends in finance. Recently, she has been developing strategic innovations in UMH. Prior to her experience in fintech, Nicole wrote for trade publications in the housing and mortgage industry. Jack and Nicole talk about the importance of cyber security in finance, the impact of personalization, and the future of UMH.
“UMH needs to evolve beyond a platform or a service we provide. Within five years it will become mainstream. It will become table stakes that technology is connected, that data is connected, that accounts are integrated, so they can talk to each other and then work together to create different outcomes.” ~ @nicolecasperson
Main Takeaways Clients want to be involved with every financial decision as much as possible. In today’s climate, every client's portfolio reflects who they are and their values.
More and more clients are becoming aware that they need to communicate better with their advisors. Data from a client's financial history and lifestyle can be interconnected to get the most accurate personalized advice.
The pandemic has been an eye-opener for clients around financial freedom and retirement plans. This will continue to be a big factor in planning for the future of wealthtech and UMH.
Links Nicole Casperson on Twitter
Nicole Casperson on LinkedIn
InvestmentNews
Lynne Rhinehart
Jason Moore
Morgan Stanley
Eric Lordi
Wells Fargo
Merrill Lynch
Amazon
Know The Score: An Independent Validation Of LifeYield By E&Y
EY survey: Financial protection gap widens between consumers in emerging and developed markets as COVID-19 uncertainty mounts
Olivia Rodrigo
Miley Cyrus
BTS
Elton John
David Bowie
Janis Joplin
Joan Jett
Stevie Nicks
Debbie Harry
Tina Turner
Aretha Franklin
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Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Noreen Beaman, President of Orion Advisor Solutions. It’s been a year since the Brinker and Orion merger and Noreen is already harvesting the fruits of her efforts. The open-architecture experience she’s bringing to the table is creating an exciting ecosystem for engaging with advisors. She's thrilled to be at the forefront of advisor empowerment and wants to advocate more for the human component of portfolio management. Noreen talks with Jack about creating personalized engagement for investors, mastering the art of listening as financial leaders, and using a well-connected tech ecosystem for advisor empowerment. “I think as we look towards the future, we need to create a frictionless experience for our end investors. The companies we run look like the clients that we have. As women become a larger part of how we buy, do we want to buy the old traditional ways? Do we want to engage in ways that make us feel comfortable? That’s why having the tools and multimedia, and knowing how our next-gen want to buy we have to stay focused on the consumer and investor, and help those financial advisors drive that experience.” ~ Noreen Beaman
Main Takeaways The four pillars of a successful financial firm, prospect, plan, invest and achieve, ensure that we empower advisor-client journeys. This creates a smooth onboarding process, gives them access to their money, and improves tax reporting.
Every investor's risk tolerance, risk capacity, and risk composure will be different from one another. A well-connected ecosystem, with various tech tools, can be helpful for advisors to retain clients.
Three key points leaders must take note of to excel: watch the market outside of your market, do due diligence, and grow your network.
To be a great advisor and leader, you have to be a good listener. When you listen, it isn't just about verbal communication, it also involves paying attention to physical cues, too.
Links Noreen Beaman on LinkedIn
Orion Advisor Solutions
Brinker Capital
Eric Clarke
CLS Investments
Dr. Daniel Crosby
John Coyne
Microsoft Excel
Orion Billing
Ernst & Young (formerly Ernst and Whinney and Arthur Young & Co)
Chuck Widger
Only the Paranoid Survive: How to Exploit the Crisis Points That Challenge Every Company by Andrew S. Grove
SEC
Cheryl Nash
Lori Hardwick
Authentic and Ethical Persuasion:: Achieving What’s Important in Life Through Committed Listening and Compelling Stories by Jack Sharry
John Connors
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Executive Vice President of Product Development at LifeYield, Martin Cowley. Martin is one of the pioneers in building UMH solutions in the industry. Through technology, he's been developing the most efficient and effective ways to improve outcomes for clients. Martin and Jack discuss the benefits of UMH implementation on asset allocation, tax drag minimization, and operational improvement. “There's a lot of listening involved. A lot of time is spent understanding existing workflows and existing systems. The challenge with putting a UMH in place is that everybody's situation is different. All of our clients have different systems in place. They look at the investment process in slightly different ways. Even the definition of UNMH may be different in terms of what people mean.” ~ Martin Cowley
Main Takeaways When dealing with UMH accounts, coordination is critical. Look at them from the investor’s perspective in a holistic way rather than piece-by-piece.
Different accounts have different tax treatments. For example, a taxable account is different from a tax-qualified account. UMH plans offer efficient asset consolidation when dealing with increased complexities.
Create a plan prior to UMH implementation to avoid disruptive changes. Factors to consider should be the firm’s anticipated spending expenses, size of existing accounts, and type of existing accounts.
When doing decumulation or intelligent withdrawals, tax-efficient asset allocation is critical.
Links Martin Cowley on LinkedIn
Improving After-Tax Returns, Retirement Income, and Bequests through Tax-Smart Household Management by LifeYield
Riskalyze
Westminster Abbey
Kate Middleton, Duchess of Cambridge
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Dana D’Auria, Co-Chief Investment Officer at Envestnet, Inc. Dana is an all-around leader at Envestnet, overseeing investors' capabilities, due diligence platform research, overlay services, non-traditional assets, and many more areas. With such scope, her chief responsibility is to connect the dots, identify what fits in the puzzle, and offer a simplified solution to achieve better outcomes for advisors. Before joining Envestnet, Dana worked for Symmetry for 14 years, where she managed the onboarding of asset managers. Dana and Jack discuss optimization using algorithms, personalization in configuring solutions, and increasing client engagement using tech. “Solutions, by and large, were always there. They’re just more readily accessible now because of technology. They’re more evident now. Our job is to help the advisor to navigate the ecosystem better which should lead to better outcomes for clients in the end. ” ~ Dana D’Auria
Main takeaways Optimizing using algorithms in portfolio management can help elevate overlay services such as tax mitigation and tracking error with capital gains realization.
Figuring out the right on-ramp that can cater to portfolio management, financial planning, and other needs can help an advisor do better comparisons and easily curate the best solution for every client.
Advisors should be able to identify what can be scaled up, what can be digitized, and what can be personalized. It starts meaningful conversations and more opportunities to engage with clients.
Links Dana D’Auria on LinkedIn
Envestnet
Symmetry Partners
Intelligent Financial Life
Yodlee
Money Guide Pro
Tamarac
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Keith Gregg, Founder, and CEO of Chalice Network, a fintech company based in San Diego. Keith has more than three decades of experience in financial services and executive leadership. During the first part of his career, he served as a financial advisor and created his first independent business focused on planned giving. Keith also served in the US Marine Corps and was the recipient of the Presidential Service Award from President Ronald Reagan. Keith and Jack discuss the benefits of creating digital marketplace e-commerce platforms, helping small businesses, and embracing tech advancement in the industry. “There's no turning back--that genie is out of the bottle. They're not going to put it back in, so you better become incredibly perfect with being able to digitally communicate and coordinate and deliver to your customers via a digital platform.” ~ Keith Gregg
Main takeaways Small business owners constantly look for economies of scale, operational efficiencies, and enhanced enterprise value.
Fintech is changing the course of financial advising. It pays to be highly knowledgeable and on top of innovations in your niche.
Having a single sign-on digital platform for advisors can help greatly in eliminating unnecessary steps, ensuring smooth operations, and extending the reach to small- and mid-size businesses.
Advisors should focus on building their network, investing in themselves and their business, and embracing change.
Links Keith Gregg on LinkedIn
Chalice Network
Do Well By Doing Good by Keith Gregg
Redtail Technology
eMoney Advisor
Marketing 360
Financial Planning Association (FPA)
TD Ameritrade
Wells Fargo
Digital Wealth News
New York University (NYU)
The Fintech Institute
Bitcoin
Ethereum
Cardano
US Marine Corps
Ronald Reagan
GE Capital
Small Business Benefits
Chalice CaresRX
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Lee Chertavian, Operating Partner at Long Ridge Equity Partners. Lee is one of the pioneers in the advisory space. He was the CEO of Placemark, a sophisticated asset management company, which was purchased by Envestnet seven years ago. Lee led its growth to nearly $16 billion in assets under management with more than 45,000 clients. Furthermore, Lee finished his MBA with distinction at Harvard Business School. Lee and Jack discuss the improved tax management in UMAs, six key trends in fintech, and the role of tech in enabling advisors to make better decisions. “Consider a client's entire lifestream. We need to figure out planning. We need to integrate with tax, not just the tax on the portfolio, but their whole tax situation. And fortunately, so much data is becoming more digitized that we have the ability to bring that in—to help the advisor make those better decisions for clients.” ~ Lee Chertavian
Main takeaways When offering unified managed accounts, your other goal is to enable higher levels of risk and tax management.
Six key trends are driving the fintech industry:
Fee compression
Paradigm shift in advice
Rise of roboadvisors
Product proliferation
Ubiquity of information
Improved efficiency of the market
Consider the client’s “entire life stream” when advising. Leverage tech to integrate risk management and to protect them from fraud (e.g. identity theft).
Links Lee Chertavian on LinkedIn
Long Ridge Equity Partners
Harvard Business School
Affiliated Managers Group
Placemark Investments on LinkedIn
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Jeff Quigley, Vice President of Enterprise Relationships at LifeYield about navigating the world of social security. They’re also joined by Alyson Dorosky, Marketing and Social Security Specialist at LifeYield. Jeff helps thousands of advisors understand and implement LifeYields’ Social Security+ solution through group training and seminars. Alyson is a technical lead at LifeYield and covers the gamut of client services, including helping advisors keep track of the myriad rules around social security. Jeff and Alyson talk with Jack about maximizing retirement income outcomes by leveraging social security tools, and the concept of delayed filing credits (for the client and the surviving spouse), and layers of income. "If you don't have these tools, it is difficult to make good informed decisions that you can benefit from. Firms that are adopting these kinds of technology and tools, for instance, when the pandemic hit, their usage went through the roof. They were ready in a digital world right there.” ~ Jeff Quigley
Main takeaways Social security makes up 60 percent of your retirement income. It’s important to maximize it as much as possible.
There’s an 8 percent increase per year in retirement income if you wait. Depending on the client’s case, LifeYield tools can help earn and determine delayed retirement credits.
When planning for social security, it’s important to incorporate trends and other relevant changes. Lifeyield’s income layers, for example, help facilitate a natural transition from social security to a high-level retirement income discussion.
For advisors, here are three tips on how you can help your client: learn about claiming strategies, utilize software (such as Lifeyield’s social security tool), and make informed decisions to fully maximize their benefits.
Links Jeff Quigley on LinkedIn
Alyson Dorosky on LinkedIn
Alyson Dorosky
LifeYield Social Security+ For Advisors
Social Security Administration
Allianz
Franklin Templeton
Merrill Lynch
Mary Beth Franklin
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Scott Holsopple, Chief Growth Officer at Hightower Advisors. Scott has 20 years of experience in investment banking, private equity, and wealth management. Scott and his team at Hightower work with firms to help them stand out and achieve the vision for the next chapter of their business. Scott and Jack discuss what goes into a thoughtful client experience and how adding value and scale helps achieve organic business growth. "We’re in an ever more competitive industry. Technology is enabling us to do more things. Firms with scale are really deploying assets and specialties and expertise in a way that's never been done before in this industry. And I think it's going to require us to be more thoughtful.” ~ Scott Holsopple
Main takeaways Aim for organic business growth. Add value and scale to certain areas of the business, but never to the unique end-client experience.
The true disruption in wealth management is how advisors can provide an intuitive and relevant experience for their clients by using technology.
To institutionalize a growth mindset in a firm, identify behaviors that can eventually become learned behaviors.
There are three things to consider when growing your business: know what you want to achieve, structure your business according to your objectives, and be thoughtful when providing the end-client experience.
Links Scott Holsopple on LinkedIn
Hightower Advisors
Lexington Wealth Management
Salesforce
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Paul Deer, Vice President of Advisory Service at Personal Capital. Paul oversees a team of more than 60 financial advisors and their clients at Personal Capital, the first advisory firm of any scale to conduct their business online. In addition, Paul is passionate about hybridizing wealth technology with human interaction so you can provide holistic and personalized advice at the same time. Paul and Jack discuss the reinvention of retirement planning, the importance of advisor specialization, and the confluence of human and digital advice. “We have found that you can't just do it with tech. You need to have humans to have a real conversation with where you can perceive emotions and kind of dig deeper than just the surface of what someone's telling you. So that combination is what's going to help people make the best possible financial decisions over and over again, throughout their lifetime. Which is going to help them with the best possible outcome.” ~ Paul Deer Main takeaways Think about the client’s long-term goals so you can properly align your advice for their retirement planning.
While emerging technologies are a great propeller in financial innovations, humans’ role should not be discounted. The right combination of human touch and wealth technology drives the best financial decisions.
The four major levers you can consider to ensure there’s money through retirement are: increasing your savings, delaying your retirement, decreasing your retirement spending, or increasing your risk.
Links Paul Deer on LinkedIn
Personal Capital
Medicare
Personalization, Scaling Efficiently and Serving the Underserved with Ed Murphy
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Jack Sharry on Twitter
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In this episode, Jack talks with Daniel Crosby, Chief Behavioral Officer at Orion Advisor Solutions. Daniel is a psychologist and a behavioral finance expert who helps advisors and investors understand the psychology of financial markets. He believes that through tools, such as the Irrationality Index and the new 3D Risk Profile from Orion, we'll be able to assess emotional reactions to volatility. Daniel and Jack discuss the benefits of risk management tools, the role of human behavior and psychology in investing, and the future of behavioral finance. "We need to educate clients and advisors about the realities of behavioral finance. We need the right environment, the right portfolio mix for them, but we also need that encouragement that's happening just in time to educate people when they're on the precipice of making a decision.” ~ Daniel Crosby
Main takeaways
Leverage the three ‘T’s to ensure clients implement the best advice: training, tools, and technology.
Look at risk from a variety of angles so portfolio management and asset allocation are consistent throughout. A risk tolerance questionnaire can give you insights into an individual’s human behavior and psychology.
The biggest value an advisor can provide is behavioral coaching, emotional management, and decisional coaching. Teaching people about achieving high returns is just secondary.
Precommitment in investing is a vital part that measuring risk composure fulfills. It makes sure investors are aligned with their set preferences, and it prevents future deviations.
The future of behavioral finance is embedded in the three ‘E’s: education, environment, and encouragement.
Links
Daniel Crosby on LinkedIn
Daniel Crosby on Twitter
Brinker Capital
Eric Clarke
HiddenLevers
Alexandria McCarthy
Personal Benchmark: Integrating Behavioral Finance and Investment Management by Charles Widger
Warren Buffet
Dalbar
Morningstar
Michael Lee
Daniel Kahneman
Connect with our hosts
LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Jud and Kim Mackrill, Co-Founders and CMOs at Milemarker, Inc. Kim and Jud Mackrill are partners in life and in business. Together, they have built careers on providing solutions in tech integration for the finance world. Before Milemarker, they helped advisors innovate through their marketing company, Mineral Interactive. After Mineral’s acquisition, Kim and Jud led the rebranding of Carson Group. Kim, Jud, and Jack discuss harnessing the power of data, modernizing your firm’s tech stack, and the importance of client behavioral psychology in tech implementation. “This is the path. You have to really start with empathy designed for the user, build the data model, and then deliver it because the future is far more complex.” ~ Jud Mackrill Main takeaways Big data can help you plan better. Most firms have silos of data left unutilized. Getting data into central repositories and creating APIs can help firms make better business decisions.
Understand the psychology of your clients. Getting a good grasp of clients’ behavioral psychology can help you design better user-oriented platforms. Know what is digestible to the user and improve implementation through tech.
Modernize your tech stack. A new data-driven wealth management company has more edge than old-timers and veterans who refuse to adapt.
Links Kim Mackrill on LinkedIn
Kim Mackrill on Twitter
Jud Mackrill on LinkedIn
Jud Mackrill on Twitter
Milemarker
Orion Advisor Tech
Carson Group
Morgan Stanley
Eric Clark
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack Sharry talks with John Connors, the Founder and CEO of Boathouse Inc. Before building his firm in 2001, John worked for corporations such as Hill Holiday and McCann Worldgroup. John’s vision of success and high performance as a marketer was greatly influenced by these industry pioneers and set him on the path to building his own firm. John talks about why maintaining clients over the long-term is essential to success. High client retention is a matter of having a connection strategy, leveraging data, and building a narrative around the business. John and Jack discuss the concept of narrative economics, the importance of storytelling, and the use of data sets to drive brand strategies. “Narrative drives economic impact. Most CEOs and CFOs know that. They have economic data (GDP, employment, housing, etc.) but never narrative data to look at causality, correlation related to the economic data.” ~ John Connors Main takeaways Don’t over-index on only one part of the marketplace. Look at the state of the whole marketplace, even of the outliers.
Study what influences consumers. Institutions such as politics, media, and others are a big part of your client’s lives. Combine what’s important to both of you when strategizing.
Use innovative tools to gauge what’s flourishing in the market. The data sets are good indicators of how you can tweak your marketing strategies.
Your story builds over time. Stay updated and continue to level up your knowledge about your industry.
Links John Connors on LinkedIn
Boathouse
Hill Holliday
McCann Worldgroup
Tesla
Irrational Exuberance by Robert J. Shiller
Signal AI
NetBase Quid
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Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack Sharry talks with Heather Kelly, the Senior Vice President of Advisory and Strategic Accounts at Allianz Life Insurance Company of North America. Heather has been in the industry for over 25 years. However, if she was asked at the beginning of her career what wealth tech means, and what it would mean after decades, she would brush it off and continue doing what the mentors before her told her to do. Heather has been in different roles in different big insurance companies, including United Capital and Allianz. Throughout those years, she offered her expertise and led the conversations about risk management, insurance, retirement planning, and now, fintech innovation and integration. Heather was also the first recipient of The Young Professional Honor for her advocacy in helping women excel in their profession. Heather and Jack discuss the future of distribution, continuous innovation in the industry, and advocating for increased knowledge of technology. “Continuing to innovate, continuing to think what the next iteration is going to be, what’s going to make the client experience and the advisor experience even better—that’s something we should talk about in the industry often.” ~ Heather Kelly Main takeaways The most important part of a retirement plan is achieving financial well-being. It’s not about the income, it’s about prioritizing the behavioral aspects of it.
Advisors have to stay current with technology. Educating yourself about innovative tools, and knowing how to integrate them, keep you from being left behind.
There are so many fintech tools available, but firms don’t know what to choose and how to adapt to them for the highest ROI.
Emerging technologies like AI and Machine Learning can change the course of the financial planning and advice industry.
As financial advisors, we must be attentive to changes and be easily adaptable. Continuing to educate yourself is the key to staying on top.
Links Heather on LinkedIn
About Heather
Allianz Life Insurance Company of North America
United Capital
Modern Wealth: The Roadmap to Improved Investor and Advisor Outcomes
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Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack Sharry talks with Len Reinhart, a pioneer in the UMH industry and founder of several successful advisory firms. Len began discussing the subject of separately managed accounts, managed money, an advisory approach, and, of course, UMH, nearly 20 years ago. As a baby boomer himself, Len witnessed firsthand the diminishing benefits for boomers as retirement suddenly became their primary responsibility. Simultaneously, he began his career working with managed money where the goal was listening to clients first, unlike the aggressively cold-calling brokers he sat beside. He listened to clients’ goals, their risk requirements, and built strategies to meet those individual needs. Focusing on retirement and listening to clients’ end goals, both financial and personal, became the basis of his approach to advising. As he built firms with a client-first approach in mind, his success caught the attention of competitors and the industry. Len and Jack discuss the transition from winning the financial rat race to simply funding future liabilities. They also discuss why UMH is such a powerful tool for accomplishing lifelong goals and how the role of advisors has shifted to help clients reach those goals. “The end goal of the unified managed household is to take all the clients’ assets, their goals, and aspirations – meaning what are they trying to accomplish with their life – and put them together. And I think the further you take this, the better.” ~ Len Reinhart Main takeaways When UMH is done properly, investing takes a backseat. In other words, the original selling point for advisors has become the secondary selling point. Everything, including investing, is evaluated based on its probability of contributing to a client’s long-term success.
UMH is evolving into a guidepost by which financial decisions are made. Meaning decisions that were previously handled separately (i.e., taxes) are now made in conjunction with one another.
As UMH becomes commonplace, the way advisors work with clients is rapidly changing. Lifestyle management (managing cost, tax, and risk) is leading the conversation while beating the market is taking a backseat.
Links Len on Linkedin
Merrill Lynch
BNY Mellon
Pershing
WealthCare
Wells Fargo
Envestnet Analytics
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack Sharry talks with LifeYield colleagues Harry Bartle and Steve Zuschin. Harry is the EVP of Enterprise Sales while Steve is the EVP of Enterprise Technology Adoption. What should I do with my rollover? When should I take social security? As money in motion is underway, these questions become a high priority for retiring clientele. Leading the innovation arms at LifeYield, Harry and Steve unpack the solutions they’ve helped develop that allow advisors to better serve their retiring clients. Steve, Harry, and Jack discuss why firms want to control the client and advisor experience, the importance of showing clients quantifiable benefits, and marrying planning with real-life results to optimize value. “The first thing you have to do is listen to the client. What’s important? What’s important to them, right? And having great expectations around how much they’re going to be able to afford to spend and what their retirement income is going to look like is at front and center of most people’s minds as they approach retirement.” ~ Steve Zuschin Main takeaways Firms want to control the client and advisor experience by building their own household technology that both the client and the advisor will experience. When the firm controls the user experience, it can then control user expectations.
You have to be able to quantify value for your clients. Otherwise, clients have no understanding of whether their outcomes have improved.
Individual decisions for clients, like those involving rollovers, can’t happen in a vacuum. When decisions aren’t personalized for each client, you’ll likely have unintended consequences.
Links Riskalyze
Harry on LinkedIn
Steve on LinkedIn
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
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In this episode, Jack Sharry talks with Yaqub Ahmed and Harshendu Bindal of Franklin Templeton. Yaqub is Head of the U.S. Investment-Only Division while Harshendu leads Digital Strategy and Wealth Management. While his parents wanted Yaqub to pursue medicine, Yaqub fell in love with financial services and began his career as a record keeper in an asset management organization. Having spent the last 11 years at Franklin Templeton, today Yaqub focuses on the U.S. retirement insurance sub-advisory and Franklin Templeton’s 529 businesses. For Harshendu, his journey in financial services began 27 years ago. He studied engineering in college and stumbled into the industry following graduation. With 24 years of experience at Franklin Templeton under his belt, Harshendu is now responsible for establishing strategic partnerships with global financial institutions and other distribution partners on the retail side of the business. Jack, Yaqub, and Harshendu discuss the role of technology in establishing strategic partnerships and providing holistic solutions for clients, why intelligent automation helps advisors thrive, and what the future holds for asset managers. “Advisors are not going away, they’re just evolving. And we see them be more and more financial life coaches to their clients. And as an asset management industry, I think we need to understand and pave for that transition.” ~ Harshendu Bindal Main takeaways Cultural fit is the number one determining factor of whether a merger will be successful.
Technology plays a crucial role in providing better outcomes and holistic solutions for clients. And great technology allows us to embed solutions into advisors’ existing workflow.
As the role of financial advisors continues to evolve, we need to start encouraging advisors to intelligently automate what needs to be automated.
Over the next few years, there will be several big shifts within the asset management industry. Financial personalization will be commonplace, US workers will increasingly seek out financial wellness and advice from their employers, and collaboration within the industry will increase.
Advisors should consider outsourcing the parts of their business that they either don’t have expertise in or don’t have the passion for. Sometimes it’s best to let technology run those aspects of the business.
Advisors must leverage capabilities that are delivering personalization.
Links Yaqub on LinkedIn
Harshendu on LinkedIn
Franklin Templeton
AdvisorEngine
Wealth Tech On Deck Episode 001: Personalization, Scaling Efficiently, and Serving the Underserved with Ed Murphy
Empower Retirement
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack Sharry talks with Andrew Salesky. Andrew leads Digital Advisor Solutions at Charles Schwab, overseeing a suite of tech platforms used by more than 7,500 independent advisory firms working with Schwab. Having worked at Schwab for more than 20 years, Andrew has held jobs big and small under the Schwab umbrella – from branch leadership to running schwab.com and driving the growth of “Schwab startups” like Schwab Private Client. Andrew even worked as their first Global Data Officer before transitioning into his current role supporting digital platforms. Andrew spearheads integration across the company, viewing integration as the top accelerator for every corporate goal or initiative. Andrew and Jack discuss current trends and how advisors can best respond, the power of integration, why technology is the great enabler, and why it takes more than tech to reach success. “Integration is not a distraction, it’s an acceleration. It’s really bringing a level of investment that is unprecedented for Schwab in the digital advisor space. We’re able to accelerate our roadmaps in all different areas.” ~ Andrew Salesky Main takeaways The health and wellness trend is expanding into financial wellness post-COVID-19. Women are also responsible for trillions of dollars of financial assets and with the rise of e-commerce and technological innovation, customers have increasingly high expectations. Advisors must prepare for these shifting trends and demographics.
Technology is a fantastic enabler, but we need a combination of technology and human support to best serve clients.
The financial services industry is still too reliant on paper and hard copies. We need to embrace digitization for the sake of the client. That includes working to streamline digital transactions.
Building and maintaining trust has never been more important than it is now. That deep level of trust can’t be replicated by a device, it must be built by the human advisor.
Links Andrew on LinkedIn
Charles Schwab
Mckinsey
Schwab Private Client
Charles Schwab Independent Advisor Outlook Study
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack Sharry talks with Rose Palazzo and Eric Lordi from Morgan Stanley. Rose heads financial planning while Eric leads efforts across WealthDesk, a place for advisors to manage household portfolios. At Morgan Stanley, Rose and Eric have been instrumental in building the industry’s most comprehensive wealth management platform. Creating a comprehensive ecosystem and saying goodbye to the more siloed industry standard is no easy feat. Eric and Rose have leaned on their prospective specialties to build a system that scales rather than a system where one person wears 10 hats and inevitably drops a few along the way. Jack, Rose, and Eric discuss the magic and challenges of account integration, why integration benefits both client and advisor, and the future of financial technology. “When we talk about moving from accumulation to decumulation, it actually really is the time when it’s most important for the portfolios to be working in concert with each other, as one sort of orchestra instead of being managed in pieces. We know that’s really critically important.” ~ Rose Palazzo Main takeaways The goal of WealthDesk is to build a connected client experience that eliminates frequent disconnects throughout a client-advisor relationship. It’s crucial for clients to understand how investment advice is directly supporting their personal and financial goals. This connectivity benefits the advisor, the client, and ultimately, the firm.
Integration is the future of financial technology. Personalized advice is becoming more and more commonplace so technology needs to automate parts of an advisors’ workload. That way advisors have the time to dig deeper with each client and develop a more personalized plan.
Surfacing guidance for advisors is key to helping them understand the benefits of different tools. In other words, we know what the best practices are, but we still need to find a way to automate surfacing those best practices and do so in a way that doesn’t feel overwhelming and aligns with advisor goals.
Half the battle of building an innovative product is connecting the dots within a large organization. Getting people out of their silos is incredibly tough, but it’s important to help people realize that everyone is working toward the same end goal.
Links WealthDesk
Morgan Stanley
Rose on LinkedIn
Eric on LinkedIn
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Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack Sharry talks with John Thiel, former Head of Wealth Management at Merrill Lynch and longtime advocate for comprehensive advising. John began his career in public accounting where he realized the impact of tax law on financial planning and decision-making. He was eventually recruited into the insurance business and, while it wasn’t popular at the time, John became an advocate for financial advising as he rose through the ranks at Merrill Lynch. While the industry has made and continues to make great progress, advisors still have a ways to go when it comes to implementing a goals-based approach and finding synergy between technology and the advisor-client relationship. John and Jack discuss creating efficiencies for the client as well as the advisor, how advisors can address a rapidly retiring demographic, the impact of COVID-19, and why human advisors are always irreplaceable. “We really need to have a decumulation strategy that is simple, direct, consumable, and that people can execute in a relatively easy way. And it’s gotta be transparent, so people understand this isn’t some black box. Here’s where the returns were coming from, here’s where we’re pulling it from, here’s the decisions that were made to make the recommendation of where you would draw from. And then literally, maybe, send them a paycheck if that’s what they want. Give those retirees or those people in that stage of life the option to choose a preference on how they want to receive income when they stop receiving a normal paycheck.” ~ John Thiel
Main takeaways
Efficiency is just as important for the client as it is for advisors and firms. For example, clients need an efficient onboarding experience. While many in the industry are hesitant to do so, giving clients access to transparent reporting is necessary and helpful for all parties.
COVID-19 has forced many to reassess their priorities. As you help this large wave of retirees, create solutions catered to their preferences, some of which have changed as a result of the pandemic.
We have to meet clients' preferences to differentiate ourselves while also allowing them to participate in the process. Give clients access to the same tools advisors use.
Forget complexities, present everything in a way that’s simple for clients to digest and understand. This helps build trust.
Links
John on LinkedIn
MyNextSeason
Narrative Economics: How Stories Go Viral and Drive Major Economic Events
Merrill Lynch
Franklin Templeton
Franklin Resources
FINRA
FSU Foundation
The V Foundation
Connect with our hosts
LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack Sharry talks with Samantha Russell, Chief Evangelist at FMG Suite, and Matt Nollman, VP of Marketing at LifeYield. The two share their expertise on all things digital communication. Six years ago, Samantha’s husband stumbled upon a problem with seemingly no solution. Every advisor at a firm had an identical web presence. So he created Twenty Over Ten, an easy-to-use website platform for financial advisors. Sam hopped on board to lead sales and marketing and when Twenty Over Ten sold to FMG Suite, Sam shifted to Chief Evangelist, or, as she likes to think of it, Chief Educator. Matt began his career in tech startups before joining LifeYield and working to expand the company’s digital reach and online presence. Matt also aligned LifeYield’s marketing and sales with its strongest revenue stream and spearheaded LifeYield’s shift into enterprise. Both Samantha and Matt understand the importance of reaching people through effective communication and taking digital risks. Samantha, Matt, and Jack discuss why advisors should become educators, why marketing can no longer be an afterthought, and the most impactful (and surprising) marketing strategy for firms, advisors, and beyond. "Digital marketing no longer should be a line item that kind of gets whatever is leftover in your budget. If you want to grow and grow intentionally and find the clients that will be the best fit for your business, you need to put your money where your mouth is. We see a lot of financial advisory firms, the average is spending 1 to 2 percent of revenue per year on their marketing budget. But the growth firms, the firms that are actually adding new clients more than they’re losing them, they’re spending about 5 to 10 percent.” ~ Samantha Russell
Main takeaways
Hiring a great copywriter is one of the best ways to improve your business’s communication. In a world where everyone is always inundated with information, engaging people through text is invaluable.
When it comes to digital channels and strategies, your firm doesn’t need to be everywhere at once, especially if your marketing team is small and lean. Figure out a scalable way to communicate that works for your business. If you have multiple channels, make sure those channels work together to tell one cohesive story with complimentary messaging.
Digital referrals are invaluable. If you don’t have a strong web presence, you’re out of the race for a client’s attention before the race even begins.
Even if you can’t measure its success right away, explore new audiences and new channels. It may lead to insights and value that can’t be quantified.
Links
Samantha on LinkedIn
Smantha’s website
Twenty Over Ten
Squarespace
Wix
Weebly
Putnam Investments
Broadridge Financial Solutions
Emerald Connect
Morgan Stanley
Ameriprise Financial
SEI
Northwestern Mutual
New York Life
Money Management Institute
NextChapter
InvestmentNews
Connect with our hosts
LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
Matt Nollman on LinkedIn
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In this episode, Jack Sharry talks with Eric Clarke, CEO of Orion Advisors. Eric is committed to improving client outcomes through strategic acquisitions and smart technology. Straight out of grad school, Eric began his career as an asset management wholesaler. The company he worked for was experiencing operational challenges and, eventually, Eric realized the fiduciary IRA business needed stronger technology. At the time, available tech was only built for the brokerage business rather than advisory firms. Seeing an opportunity from necessity, Eric developed a business plan and founded Orion. As Eric puts it, what’s current today is incredibly dated tomorrow. Orion provides technology services to advisory firms while keeping a pulse on what’s current and pivoting as needed. Jack and Eric discuss the art of acquisition, how to instill proactivity in advisors, and why behavioral psychology is the backbone of strong and effective advising. “What’s fascinating to me is that our industry is dominated by finance and accounting degrees, myself included. And as we look forward, I think we’re going to see a lot more emphasis inside of the industry on having degrees potentially dominated around behavioral psychology. And hopefully, we get to a point where we’re really understanding the investors that we’re serving in ways that we can drive and create value back in very meaningful ways.” ~ Eric Clarke Main takeaways When buying technology, advisors must make sure that technology is solving one of two problems: Is it creating a better client experience or driving internal operational efficiencies?
When combining businesses, you have to take a step back and look at the best ways to integrate offerings so you’re never operating in silos.
Knowing the overall composure of an investor is incredibly important in driving client value. And there’s more to it than simple risk-tolerance. Understanding an investor’s behavioral psychology also helps advisors to proactively solve problems by preventing potential stressors.
It’s better to disrupt your own entity than let other businesses disrupt you first. There are four key areas that advisors should be looking at when it comes to improving value propositions: prospecting, planning, investing, and outcomes.
Links Eric on Linkedin
Orion Advisor Services
Orion Portfolio Solutions
CLS Investments
Brinker Capital Investments
Money Management Institute
EY
Modern Wealth
Black Rock
Morgan Stanley
The Pace of Boomer Retirements Has Accelerated in the Past Year
The Peak 65 Generation: Creating A New Retirement Security Framework
Tax Alpha
HiddenLevers
Teammates
Connect with our hosts LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Lori Hardwick, Chairman of Riskalyze and Board Member at firms like Orion Advisor Tech and Cetera Financial Group. Lori began climbing the financial services ladder working as a wholesaler. In 1997 she had her first baby and realized the wholesaler lifestyle didn’t mesh with motherhood. So she pitched an idea to her senior executive team about starting an RIA program back when RIAs were still relatively new to the industry. She then left to start her own firm, Envestnet. After decades as a leader in the industry, Lori describes the successes and failures that sometimes unfold when old tech meshes with emerging tech, and why culture determines the success of that merger. She also describes why financial tech is in direct competition with giants like Amazon and Google, and why our technology must allow clients to engage and interact in a way that’s personalized. Jack and Lori discuss the importance of showing clients quantifiable benefits, why advisors should take inventory of the software at their fingertips, and the necessity of hyper-personalization. "We need to make sure we’re not just allowing for transparency to the data, but also the ability to interact with it. The one thing I truly believe is that transparency and the ability to interact digitally will build trust with that advisor. The more they can see, the more they trust their advisor, and that is critical to building those long-term relationships and keeping those clients happy.” ~ Lori Hardwick
Main takeaways
The ease of data transfer from one platform to the next has been a fantastic change for the financial industry. It helps improve the experience for advisors and clients alike.
It’s important for clients to be able to see everything in one place. They should have one interface that connects the dots for them.
When clients interact with an advisor’s technology, they interpret that as an experience with their advisor. Tech must be top-notch for the sake of an advisor’s reputation.
The financial industry needs to listen to what clients actually want so we can create and fine-tune technology to meet those needs.
Links
Lori on LinkedIn
Riskalyze
Envestnet
Orion Advisor Tech
Cetera Financial Group
Nuveen
Pershing
Advisor Innovation Labs
RedRock Strategies
Genstar Capital
Credential Financial
Morgan Stanley’s GPS
Aladdin
North American Wealth Management: Money In Motion, But Not Always To The Bottom Line
Vestwell
Authentic & Ethical Persuasion by Jack Sharry
The Vision For 2025: Hyper Personalized Care and ‘Care Of One’
Ben Franklin Technology Partners
Connect with our hosts
LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack Sharry talks with Mary Beth Franklin, a columnist and contributing editor at Investment News, specializing in social security, medicare, and retirement income. We’re living in a time where traditional retirement rules no longer apply, in part because of COVID-19’s dramatic impact on money in motion. As a result, helping clients navigate retirement is more complex than ever before. Having spent her career covering retirement from all angles – from policies on Capitol Hill to life inside private firms – Mary Beth has a unique understanding of where we’ve been and, more importantly, what retirement now calls for. Given her unique expertise on all things social security, Mary Beth emphasizes the importance of software in achieving increased personalization and how advisors can help clients answer the ultimate retirement question – what’s the optimal sequence for withdrawing retirement income? Mary Beth and Jack discuss what a changing landscape means for both client and advisor, how COVID-19 changed the financial industry for the better, and what most people miss when planning for retirement.
“People grew up with a couple myths: that you’re going to put as much money as possible into your qualified retirement plans to lower today’s taxes and your taxes were going to go down in retirement. Well, that may not be true going forward. And advisors and software providers need to understand that this is a very fluid situation and the best thing they can do is stay on top of these changing environments and pivot where they can and help their clients make the best decision for them.” ~ Mary Beth Franklin
Main takeaways
When creating retirement plans for clients, advisors will benefit from software that helps fill in the gaps of thousands of complex retirement rules that no single advisor could memorize. And while many creative claim strategies have disappeared, social security is still a critical piece of the retirement puzzle.
The right software should be easy to use and seamlessly integrate into an advisor’s existing financial planning software.
Changes in money in motion are heading in all different directions. It is not one consistent trend. So advisors need software and other tools geared towards personalization.
Many people need advice outside of the advice that their workplace is providing. Advisors should approach clients with a transparency-first approach to gain trust.
The pandemic forced the financial industry to embrace software and also spotlighted holes in everyone’s retirement safety net. As a result, we’ve seen an increase in broader financial wellness – financial planning outside of just health benefits and a 401k.
Links
Mary Beth on LinkedIn
Investment News
Maximizing Your Social Security Benefits by Mary Beth Franklin
Franklin Templeton
Kiplinger’s Personal Finance
North American wealth management: Money in motion, but not always to the bottom line
Empower
Personal Capital
Edelman Financial Engines
Connect with our hosts
LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack Sharry talks with longtime colleague Steve Gresham, CEO of The Execution Project, a consulting firm that works with advisors and their firms to help advisors better serve the needs of retiring clientele. For many of us, the questions, stressors, and concerns of our clients are changing. As Baby Boomers hit retirement age, it’s our responsibility as advisors to help them afford healthcare and alleviate concerns about outliving their money. A believer in innovation, Gresham advocates for the use of tools and training when it comes to helping advisors meet the needs of their ever-evolving clientele. Jack and Steve talk about segmenting clients, the role of technology in the financial industry, and dealing with disruption head-on. “The markets have been ripping ahead but the clients have been slowing down. So we see them taking money out, we see them thinking about alternatives, and we need to turn that around. But if they don’t know where they stand, they cannot plan for anything better. So giving very solid answers to somewhat amorphous but critical questions is part of our job. Help them understand exactly where they are and what’s realistic for them to be able to do from there.” ~ @thegreshamco
Main Takeaways
Demography is real. Baby Boomers, the largest generation in American history, are reaching retirement age and financial advisors must develop a different level of emotional intelligence and empathy to engage this aging generation.
Clients rule the conversation. Simplify your counsel by giving clients straight answers when they ask questions.
Commit to innovation. Find ways to create something that’s customer-centric and advisor-supported without hiding it from the people who can help build it. If you don’t start innovating now, it will be hard to catch up later.
Links
The Execution Project
Next Chapter
Walden Hill Woodworks
Fidelity
Steve Gresham on LinkedIn
Steve Gresham on Twitter
Connect with our hosts
LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack Sharry talks with Chairman and CEO of LifeYield Mark Hoffman. In addition to leading the company, Mark is responsible for pulling resources and customers together to construct Unified Managed Households. Early in Mark’s career, a colleague’s father broached the idea of combining household assets to achieve client goals, particularly as advisors help clients prepare for retirement. Fast forward more than 30 years later, and that concept has taken shape at LifeYield. In the years that led Mark to LifeYield and his success building money-saving technology, he’s learned a few things about helping large firms achieve complex goals, the importance of quantifying benefit, and developing a software system that sticks. Jack and Mark discuss where the financial industry is headed next, how to provide optimal client value, and the three biggest lessons Mark has learned building LifeYield from the ground up. “The most important feature that you need to ensure advisor adoption is the ability to quantify the benefit of the advice being given to the customer. What is in it for them and why? ” ~ Mark Hoffman
Main takeaways
To ensure advisors actually adopt the technology, it must be easily integrated into an advisor’s workflow.
When executing complex projects across complex organizations, follow a few simple rules. 1. It’s just as important to know what you’re not doing as it is to know what you are doing. 2. Don’t keep starting and stopping big projects – it decreases the probability for success, increases costs, and hurts morale. 3. Accept that big projects are a multi-year commitment, so budget and staff accordingly. 4. Communicate clear milestones and celebrate wins along the way.
Offer scalable solutions, ensure the tech is highly secure, and allow for the flexibility that enterprise clients will require.
Scoring is the future of wealthtech because it allows advisors to communicate benefits to clients in a digestible way. And it’s more than just taxes, clients should have a holistic understanding of their household’s financial wellbeing.
Links
Upstream Tech
Ameriprise Financial
Franklin Templeton
Truist
AdvisorPeak
Personal Capital
Allianz
Jackson National Life Insurance
New York Life
Northwestern Mutual
Morgan Stanley
Connect with our hosts
LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
Mark on LinkedIn
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In this episode, Jack Sharry talks with Cheryl Nash, CEO of the Financial Supermarkets Division at InvestCloud. Cheryl unpacks her acquisition-filled journey to CEO and everything that makes InvestCloud an industry standout. Cheryl began her career as a data entrant at Security APL before automation was as widespread as it is today. Security APL was ultimately acquired by Fiserv which recently sold a 60% stake to Motion Partners. Cheryl was then appointed CEO of the newly branded Tegra118. Several weeks before Tegra118’s first anniversary, they merged with InvestCloud and Finantix. A true industry leader, Cheryl chats with Jack about planning for retirement, how COVID has shaped consumers, and the future of wealthtech. “Technology is an essential enabler. Use technology for the tasks where speed, efficiency, automation, and precision are needed, while always remembering that we’re in a people business. Relationships matter and trust matters, but technology really becomes an essential enabler.” ~ @cherylnash2
Main takeaways
COVID has helped consumers understand the importance of going digital and the need to bring things to market quickly.
The future of wealthtech lies in personalization. Consumers want wealthtech to mimic the personalization features of Netflix and Amazon. Personalization makes it easier for the advisor to give an investor exactly what they want, when they want it, and how they want it.
Goals-based planning is essential for ensuring clients are prepared for retirement and the big questions that come along with it.
Stay nimble, open-minded, and always look to the future.
You can’t be everything for everyone, but know what your firm does very well, celebrate those wins, and search for partners to help fill in the gaps.
Technology is key to growing your business and innovating within the wealthtech industry.
Links
Cheryl on LinkedIn
Cheryl on Twitter
InvestCloud, Inc.
John Wise
fiserv
RetireUp
Finantix
Tegra118
The pace of Boomer retirements has accelerated this past year
North American wealth management: Money in motion, but not always to the bottom line
Connect with our hosts
LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack Sharry talks with Michael Liersch, Head of Advice & Planning at Wells Fargo. They dive into Michael’s transformative approach to financial decision-making and what drives his desire to improve financial opportunities for future generations. With a background in academia, Michael took a somewhat unusual path to the financial industry. Growing up in a household where money wasn’t always well-handled, he became fascinated with his own financial psychology and knew his career path would involve helping others. So he began teaching at NYU before transitioning into the corporate sector where he could help clients directly and in real-time. Now at Wells Fargo, Michael breaks down his industry-first approach to helping clients make better financial decisions. “I think a key piece is to always speak in data and fact around the mission of the organization and the transformation exercise. And the data and facts that I always love talking about are around real human beings. What are the jobs that real humans want to be done with their money? And that has really inspired people intrinsically to say, ‘Yes! This is a purpose-driven organization!’ In that way, it becomes a very exciting mission.” ~ Michael Liersch
Main takeaways
Michael’s three-pronged approach is to 1) ask clients to look back at the past, 2) provide clients with options for current action, and 3) introduce a few strategic elements that clients should be thinking about, so it’s planted in their mind when they dive into a financial solution.
Everyone needs a North Star, or ideal destination, when it comes to financial goals. That long view should always be considered when making financial decisions. It’s ok to course-correct along the way because, as 2020 has taught us, sometimes life happens.
It’s important that staff and clients are on the same page when it comes to company ideas, values, and benchmarks.
Links
WellsTrade
Intuitive Investor
Michael on LinkedIn
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In this episode, Jack Sharry talks with Dani Fava, Head of Strategic Development at Envestnet. Envestnet’s mission is to make financial wellness widely accessible. Having entered the financial tech world in a non-traditional way, Dani encourages others to embrace what makes them unique. After unintentionally impressing a firm with her technical abilities, Dani found herself catapulted into the world of wealth technology, eventually landing at TD Ameritrade where she launched a web-based rebalancing platform. In the process, she realized advisors could use tech to better serve their clients. Today, Dani lives on the pulse of consumer behavior, following the latest tech trends and predicting how they’ll ultimately impact what clients need from their advisors. Her long-term vision is to develop a connected intelligent system that seamlessly manages a client’s current and future financial wellbeing. Jack and Dani talk about the importance of experimentation, user experience, and why technological advancements will only help advisors stay indispensable. “Everything that we do, everything that we’re automating, everything that we’re building, everything that we’re bringing together, is intended to power the human advisor and is intended to give the human advisor more freedom and time to be that coach for their clients. In my view, the advisor space is becoming more irreplaceable because of the use of technology.” ~ @danielle_fava
Main takeaways
Not fitting in is sometimes your superpower. Don’t be afraid to come to the table with a different perspective and ideas that challenge the status quo.
Experimentation is necessary for growth. Create in public, invite people to disagree with you, and don’t be afraid of failure.
As consumers delve into the new world of accessible wealth technology, advisors will become more and more necessary. Clients will need help navigating an evolving, tech-driven world.
Links
Envestnet
Dani Fava on Linkedin
Dani Fava on Twitter
Noom
TD Ameritrade
Yodlee
Mint
Rally
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In this episode, Jack Sharry talks with Ed Murphy, CEO of Empower Retirement. Empower is the second-largest retirement plan recordkeeper with more than one trillion dollars in assets for more than 12.5 million Americans. The chaos of 2020 has launched more people into retirement than ever before. In fact, a recent study suggests that four times as many people retired in 2020 versus 2019. To stay agile, advisors must adapt to an ever-changing demographic with ever-changing preferences. And no one knows that better than Ed Murphy. As it’s grown and rebranded, Empower has made several smart acquisitions including the acquisition of Personal Capital just last year. Ed walks us through the reasoning behind several of these recent acquisitions, the void in the market that Empower aims to fill, and how he’s navigating a world that’s increasingly retirement-ready. A believer in the need for personalization and a hybrid human-technology approach, Ed discusses Empower’s holistic approach to advising, his emphasis on wellness, and the importance of scaling efficiently. “There're 128 million mass affluent households and many of those households are underserved today. Oftentimes RIAs and the big broker-dealers are typically focusing on much larger balances. And yet those customers have real needs, whether it’s retirement, college savings, or emergency savings. And so I think there is a void there.” ~ @EFMurphyIII
Main takeaways
While clients engage with their retirement accounts online more frequently than ever before, they still want the option for human advisory.
No matter how large a company grows, it’s important to remain focused on the customer.
To navigate increasing regulatory challenges and fee pressures, it’s important to scale using a price-advantage approach. Using scale as a cost-advantage is necessary for quick growth.
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Empower Retirement
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Ed Murphy on Twitter
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WealthTech on Deck is a new podcast from LifeYield about the future of wealth management technology. We created this podcast specifically for wealthtech innovators, financial services executives, fintech product leaders, and financial advisors who want to stay ahead of the wealthtech game. Join us each week as our CMO, and host of the show, Jack Sharry, talks with industry leaders looking to build the wealthtech platforms of the future. We promise to keep it short, sweet, and valuable. Our first episode drops in March 2021. Subscribe now, wherever you listen to podcasts.
Links
LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter